As a new generation of public spaces arrives in downtown Chicago, one of the Loop’s longstanding gathering places is ready for a makeover.
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JPMorgan Chase is drawing up changes to the blockwide plaza alongside Chase Tower, an urban oasis known for its sunken court and “The Four Seasons,” the Marc Chagall mosaic made of glass and stone.
The bank wants to update Exelon Plaza because “it’s time,” after seeing few changes in the 45 years since it opened, Chase spokeswoman Christine Holevas said. She declined to provide specifics of the plan, saying it remains in the early stages.
“People love to come here, specifically in the summer,” Holevas said. “We’re looking at ways to make it more inviting and enhance the experience of being in the plaza.”
Chase is looking to spruce up its outdoor space as new parks open downtown. The city is requiring many new developments, particularly those along the Chicago River, to set aside park space. Plazas benefit the public, but also help commercial buildings stand out in leasing.
Two recently opened office towers along the west bank of the river include riverwalk areas. A plan by developers Howard Hughes and Riverside Investment & Development to replace mall owner GGP’s squat headquarters on Wacker Drive with a 51-story office tower also includes public space beneath and next to the building along the river. In the Loop, CNA Financial’s future headquarters on Franklin Street will include a small park next door.
One of downtown’s other most recognizable open spaces, Daley Plaza, was renovated more than two decades ago, in time for the Democratic National Convention in 1996.
Amid a burst of high-rise construction downtown in recent years, architecture preservation group Preservation Chicago is keeping a close eye on public spaces, many of which are in locations coveted by developers, Executive Director Ward Miller said.
“Any radical changes (to Exelon Plaza) might negate the eligibility of the plaza or the Chagall (mosaic) for a landmark designation, looking to the future,” Miller said. Preservation Chicago fears that, without landmark status, the plaza could later be targeted for development of a new tower, he said.
Holevas said there are no plans to build new structures on the prime land in the heart of the Loop. Nor is the Chagall mosaic expected to be disrupted, she said.
Exelon Plaza is named for the power company whose headquarters are in the tower. The plaza is bounded by Dearborn, Clark, Madison and Monroe streets in the heart of downtown.
The 60-story office tower on Dearborn is the tallest structure within the area surrounded by the Loop’s elevated CTA train tracks. The 850-foot-tall tower, designed by C.F. Murphy Associates and Perkins & Will, opened in 1969 as First National Plaza and was later named for Bank One. It became Chase Tower in 2005, after New York-based Chase acquired Bank One.
The plaza was created next to the tower in 1972, after the old First National Bank Building was demolished.
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