Ald. Burton Natarus is proposing a broad change to Chicago land-use law that is apparently intended to short-circuit opposition to a zoning change for an office tower proposed by Mesirow Financial and Albert Friedman.
The 42nd Ward alderman did not return calls about the proposed ordinance, which could signal the start of a potentially bruising zoning battle over the site at 351 N. Clark St. The Department of Planning is reviewing the proposal, which was introduced into the City Council on Nov. 30, a spokeswoman said.
A venture that includes Friedman, a prominent River North developer, would contribute the parcel to a joint venture with Mesirow, which would develop the office building for itself and law firm Jenner & Block LLP.
More Top Picks Best Airbrush Compressors
The site is part of a planned development that includes the Westin Chicago River North, 320 N. Dearborn St., and the 321 N. Clark St. office building. Mesirow is a tenant in that building and has its headquarters at 350 N. Clark St. The planned development requires that all property owners agree to any significant change, consistent with longstanding provisions of the city’s zoning code.
For the office tower, Friedman is seeking a 55 percent zoning increase, to 1.2 million square feet. On another parcel in the planned development, at Kinzie and Dearborn Streets, he is seeking to increase the hotel zoning by about 55 percent, to 525 rooms, possibly for a SpringHill Suites.
The Westin’s owner, New York-based Tishman Hotel Corp., has objected to the change, while 321 N. Clark’s owner, a venture that includes Hines Interests LP, has withheld consent, sources say.
The Natarus ordinance, which would apply to all planned developments, would eliminate the need to obtain consent for amendments but would keep the requirement to create a planned development.
1 E. Wacker lease: McCormick & Schmick’s Seafood Restaurants Inc. has signed a lease at 1 E. Wacker Drive, said David Stone, president of Stone Real Estate Corp., which handles retail leasing for the building.
The Portland, Ore.-based restaurant firm signed a 10-year lease for an 8,665-square-foot space occupied by Nick & Tony’s restaurant, which will close at the end of the month.
McCormick’s average annual sales at established locations rose 2.7 percent, to nearly $5.3 million, during the first nine months of 2005 compared with the same period a year ago. The company’s first area location, at 41 E. Chestnut St., opened in 1998.
The restaurant is an important part of a revival of the 41-story structure, which is halfway through a $20 million renovation, said Michael Curran, vice president with Jones Lang LaSalle Inc., which manages the building for insurance firm Unitrin Inc.
Bolingbrook sale: A venture backed by veteran real estate executive Norman Perlmutter has purchased two fully leased distribution centers totaling 686,320 square feet at 800 and 850 Veterans Parkway in Bolingbrook.
The price was just under $39 million, said Kenneth Szady, senior vice president with Trammell Crow Co., which represented the seller, New Jersey-based BlackRock Realty Advisors Inc.
Integro lease: New York insurance broker Integro Ltd., which earlier this year raised more than $300 million in start-up funding, has signed a lease for its Chicago office, which opened in May in temporary quarters, said CB Richard Ellis Inc., which represented the company. In a long-term lease, Integro is taking 22,100 square feet of space at 200 W. Madison St.
———-