North Wells Capital, the investment management affiliate of Urban Innovations, is leading a planned mixed-use redevelopment in the Chicago, IL River North neighborhood. Many of the older warehouse loft buildings in the area were slipping into class B type of spaces due to the smaller floor plates. While the aesthetic was still very desirable, tenants were seeking larger floor plates and room for expansion. The design vision was to double the floor plate by expanding into an adjacent parking lot, blending the existing brick and timber loft with a modern steel structure that transforms the existing space, adds 15,000 square-foot office floor plates and provides the needed tenant amenities.
NORR worked in collaboration with North Wells Capital to design a transformative workspace. The redevelopment will occur in two distinct phases. Phase I will feature the renovation of the existing 7 story Heavy Timber Warehouse building at 306 West Erie Street, with a new 6 story floor-to-ceiling glass addition to the east. The use will primarily consist of ground floor retail, multi-tenant offices and a spectacular common roof deck. Phase II will include a new 15 story office building with ground floor retail, an office entry lobby, several parking levels and multi-tenant office floors above. In addition to a great roof deck, Phase II will also include several outdoor terraces through the building on multiple building elevations and floor levels providing a tenant amenity not found within the current market.
The project preserves the traditional brick and timber construction, but also provides desirable amenities and infrastructure that appeal to River North’s business and resident community. It will usher in a new era of design for an office complex in River North that will help tenants attract and retain talented workers, offering an ideal size for growth-oriented companies looking for a presence and visibility at the center of Chicago’s innovation community.
North Wells Capital
Existing – 57,898 SF (5,379 SM)
New – 40,908 SF (3,800 SM)
Phase 1 – 98, 806 SF (9,179 SM)