Loop to Get a New Skyscraper… Eventually
It may sound like a long time, but as anyone over 35 will tell you — six years can zip by before your eyes. Heck, this silly blog has been publishing for eight years, and it feels like yesterday that I was teaching myself PHP to make it happen.
Still, 2017 is the estimated date for groundbreaking on the new skyscraper people are buzzing about on State Street. It’s always noteworthy when Chicago gets a new skyscraper. Even more so when that skyscraper is going to be 35 North State Street, better known as the corner of State and Washington, even better known as across from Macy’s.
So, why is everyone so sure that something grand is going on this corner? Because Georgetown Company just bought the plot at that location, which currently has a two-story Old Navy store on it. The company paid $23 million cash money for the property, which works out to $511 a square foot.
It doesn’t take a mathemagician to understand it will take 83 bajillion years for Georgetown to make back its investment on a two-story clothing store. The other option is to tear down the store, build a skyscraper, and make back the money in a much more timely fashion.
But before that can happen, Old Navy has to set sail. According to Crain’s New York Business (how did I miss this in the Chicago edition?), Old Navy has a lease on the space for the next six years.
So, let the games begin! Chicago’s architecture, real estate, and fanboi communities will spend the next four years speculating about the design, the height, the style, and the impact of State Street’s new tower. Then for two years people will argue about the design presented by the developer. Eventually it will be done, and one group of people will call it marvelous, while another declares it hideous. But eventually we’ll all get used to it and keep on shopping at whatever ends up on the ground floor.
We’ve been to this dance before. Lather, rinse, repeat, wipe hands on pants.