North Wells Capital plans to build two office buildings totaling about 248,000 square feet of new space in River North.
The Chicago-based developer is asking for a zoning change that would allow it to build a five-story building adjacent to its existing office building at 308 West Erie Street, according to an email to constituents from Alderman Brendan Reilly (42nd). Under the proposal, North Wells would also build a new 15-story building on the site of a surface parking lot at 301 West Huron Street.
The new building would comprise some 162,000 square feet of new space, according to the newsletter.
North Wells, the asset management arm of parent company Urban Innovations, already owns 10 low-rise office buildings north of Hubbard Street and west of Wells Street in River North. In 2017, the firm paid $12.8 million to buy the seven-story loft office building and adjacent parking lot at 308 West Erie Street.
The pending proposal for that site would add about 86,000 square feet of combined retail and office space, North Wells CEO Jim Fox told The Real Deal last month.
Despite the millions of square feet of Downtown office space set to open this year, Fox said the new office buildings in River North would tap an unmet demand for class-A workspace in that neighborhood.
Last month, North Wells paid $15.8 million to acquire a 32,500-square-foot parking lot at 300-324 West Huron Street, where JFJ Development had previously proposed a 24-story condo building. That plan never materialized, and the property’s owner, Centaur Construction, sold it to North Wells instead. North Wells has not proposed a specific use for the site.