By Barbara Puechler, Class of 2005
202 and 220 South State Street have new owners. The price tag? Reports are that the agreed price is $10.38 million with an expected summer closing date.
These crumbling buildings (owned by the federal government since 2005) have been sold to CA Ventures; they will be re-purposed as 159 studio and one-bedroom units plus 270 micro apartments. This project will add a total of 429 new units with 25,000 feet of ground-level retail to the “terra cotta” district. The redevelopment cost for these properties is anticipated to reach $141 million.
Docents will know 202 South State as the 16-story Century Building (1915) designed by Holabird & Roche and 220 South State as the 22-story Consumers Building (1913) designed by Jenny, Mundie & Jensen and often identify them as they walk on Adams with tour groups. It should be noted the Chicago-based development company is responsible for the transformation of the Old Colony building as well as the Gibbons and Steger buildings, well known by many docents. Given the number of tours that pass the Adams and State Street intersection, the 202 and 220 properties, as works in progress, will have a continuing flow of critical architecture observers.
Find more information here:
There was a similar story in Crain’s on June 1. Pleased to see the renovations and adaptive reuse.
http://www.chicagobusiness.com/realestate/20170601/CRED03/170609982/429-apartments-planned-on-state-street#utm_medium=email&utm_source=ccb-breakingnews&utm_campaign=ccb-breakingnews-20170601
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