City Council approves zoning for Chicago’s second-tallest building
The City Council on Wednesday approved a zoning change that could alter the Chicago skyline, paving the way for construction of a $700 million hotel and residential high-rise east of Tribune Tower that would be the city’s second-tallest building.
Even with zoning approval, the 1,422-foot building — a mix of condominiums, rental units and hotel rooms — remains a highly speculative deal.
Still, downtown Ald. Brendan Reilly (42nd) hailed the vote as a sorely needed shot in the arm for a Chicago economy brought to its knees by the coronavirus.
Reilly said the privately financed project 2½ years in the making would generate $15.1 million in payments to the Neighborhood Opportunity Fund to support local commercial districts.
Another $13 million from the developers will support off-site construction of affordable housing to compensate for the fact that only 11 on-site units will be marketed as affordable.
Before the final vote, Reilly read a statement from the developers, who committed to: hiring a diversity consultant; meeting with the City Council’s Black and Hispanic caucuses; and honoring city set-aside requirements of 26% for companies owned by minorities and 6% for firms controlled by women.
“Our eyes will be on this project. The commitment will be met. Or there will be significant consequences,” Mayor Lori Lightfoot told aldermen.
The minority contracting pledge was not enough to satisfy rookie Ald. Byron SigchoLopez (25th).
“Local hiring has historically and systematically excluded people of color,” SigchoLopez said.
“Our communities on the South and the West Sides are starving and suffering. I do hope that this is not another pledge that is not followed, but a commitment to make sure our communities actually receive the jobs we badly need.”
The minority contracting debate was aired yet again when the Council approved a $20 million tax break for the developer who plans to convert a historic office building at 226 W. Jackson Blvd. into a 349-room hotel.
Normally soft-spoken Ald. Greg Mitchell (7th) blew his stack during a committee hearing in March after the developer had no answer when asked about minority participation on the $137 million project.
“Do not come to this body anymore without adequate representation of minority participation. Stop trying to play us like it’s a game. It’s not a game,” Mitchell said that day, shouting louder than his colleagues had ever heard him.
Wednesday, Ald. Gilbert Villegas (36th), Lightfoot’s floor leader and handpicked Economic Development Committee Chairman, tried to appease Mitchell by putting the development community on notice before aldermen approved the tax break.
“Keep in mind that 32 members of the City Council are either black or brown. We are demanding that, on any project, there be a reflection of the city of Chicago,” Villegas said.
“We’re not gonna continue to be left on the sidelines — regardless of where this project takes place. Regardless of how funding for the project comes about.”