Gov. Picks Developer Plan To Save Thompson Center From Demolition

Chicago IL

15 December, 2021

3:37 PM

Description

CHICAGO — Rather than sell the James R. Thompson Center outright, Gov. J.B. Pritzker picked a development partner that plans to spare the dilapidated 17-story, steel-and-glass office tower designed by late architect Helmut Jahn from the wrecking ball. State officials are set to engage in final negotiations with a company led by Prime Group chairman Michael Reschke that calls for selling the developer a 70-percent stake in the building for $70 million upfront. JRTC Holdings, LLC's plan calls for replacing the exterior curtain wall with new, energy-efficient glass, expanding retail space to the LaSalle Street property line, enclose office floors from the atrium, replace heating, ventilation and air conditioning systems and renovate state offices — which would occupy about 30-percent of the building — with a private entrance and lobby. The project will not require a shutdown of the CTA's Blue Line station, which is connected to the Thompson Center. The building currently needs about $325 million in repairs and costs about $17 million per year in operating costs, according to state estimates. The public-private partnership to redevelop the building is expected to save taxpayers about $20 million a year over the next 30 years by consolidating leased office space and reducing operating expenses, state officials said. "Today I'm proud to announce that for the first time, we're taking a massive step forward with a plan that will result in the sale of the Thompson Center and that will save taxpayers $800 million," Gov. J.B. Pritzker said in a statement.