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Mayor Rahm Emanuel joined The John Buck Company today to break ground on 200 North Michigan Avenue, a new, $155 million mixed-use development on the northwest corner of Michigan Avenue and Lake Street in the Loop. Development of the 41-story, 514,000 square foot building will create up to 400 construction jobs and 20 full-time jobs. Construction is expected to be complete in May 2016. Currently, over 19,000 people are employed in construction in the City of Chicago.
“Projects like 200 North Michigan are redefining the neighborhood around the Magnificent Mile, bringing new rental housing to the area and creating solid middle class jobs in the process,” said Mayor Rahm Emanuel. “Construction is one of Chicago’s fastest growing industries, and the economic impact of a project like this – creating new jobs and opportunities for Chicago workers – can be felt in neighborhoods throughout the city.”
When completed, the LEED Silver-Certified building, developed by The John Buck Company and designed by bKL Architecture, will include 402 Class-A market-rate apartments and 22,000 square feet of retail space with frontages along Michigan Avenue and Lake Street. It will be the first rental building to go up on this stretch of North Michigan Avenue in nearly 30 years and the first skyscraper to break ground in the area in five years.
“We are thrilled that construction has begun on 200 North Michigan Avenue,” said Richard DeLeo, Senior Vice President, Development at The John Buck Company. “The site and surrounding area of Chicago’s newest skyscraper connects the Magnificent Mile and the Chicago River with Millennium Park, making it a vital breadth of activity for residents in this city. We’re very proud to help revitalize and illuminate this area of downtown Chicago.”
In addition to 402 residential units, 200 North Michigan Avenue will feature 22,000 square feet of retail space on the first and second levels of the building, with each of the six retail spaces ranging in size from 1,200 to 8,500 square feet. The 21,706 (0.5 acre) square-foot lot will occupy 160 feet of Michigan Avenue frontage, with 130 feet of frontage on Lake Street. The building will also contain a parking structure with 125 stalls for residents.
The 200 North Michigan Avenue building will sit directly to the south of the 37-story Carbide and Carbon Building, which was built in 1929 and designated as a Chicago Landmark in 1996. bKL Architecture designed 200 North Michigan Avenue to compliment the Carbide and Carbon Building’s classic Art Deco style, using glass and lighter colors on the Michigan Avenue face to create a clean, modern and highly polished façade.
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