|click images for larger view|
sold the 460,000-square-foot structure for somewhere around $30 million to a local investment group, BDT Capital Partners, LLC..
The new owners accepted the largely empty status of their investment to launch a “comprehensive renovation . . . transforming The Wrigley Building into a model business environment for the modern age.” According to a report in Crain's Chicago Business, the $70 million project, aided by tax breaks coming with the building's new status as an official Chicago Landmark.
Goettsch Partners as the architects, the project has included restoring original 1920's bronze chandeliers, found in a storeroom of discarded fragments, to the building's south lobby. Other original design elements have been uncovered or restored as the infrastructure has been updated to contemporary standards.
|rendering courtesy Goettsch Partners|
announced tenant so far is Walgreen's, which is taking pretty much the entire north tower retail component, with a 30,000 square-feet flagship spread out over two levels. Although the drug chain now sells sushi at its similarly massive store across from Macy's, it's hard to see how it will support the kind of white-tablecloth dining seen in Goettsch's rendering.
ripping out Hoerr Schaudt's spectacular native landscaping, for a generic, cheaper to maintain replacement, announced in 2012 he was essentially holding his breath against renting out the retail space until he gets high-end retailers that are unlikely ever to be in the market for below-grade space at a location with no other retail anywhere near it.
Maybe the added traffic from the new, nearby Langham Hotel at Mie's IBM Building, opening in about a week, will help in generating the kind of traffic that will give the Wrigley and Trump plaza the restaurants and retail that will raise them up to being true piazza-quality civic spaces. For now, even in its initial state as empty as the Trump, the rehabbed Wrigley Building plaza is a major achievement.
Read More (photographs, in abundance):
- Wrigley Building - Commission on Chicago Landmarks designation report and building history
- Plaza of the Americas to get renovation: Wrigley next, please, please.
- Clean Sweep on the Cheap at the Wrigley Building
- Gummy Passage: Why Landmarking the Wrigley needs to consider its elegant plaza
- Back to the Future: Wrigley Building Plaza closes for Rehab
- Wrigley Building Plaza: Where Perfect People meet the Rest of Us
- Early Christmas Gift: Wrigley Building Gateway now Open
- Four Buildings and a Funeral - Wrigley: The Architecture that Remains after a Great Company Dies