CHICAGO – The National Association of Realtors reportedly has agreed to pursue the development of a 93-story office tower and mixed-use development that will house the headquarters of the trade association. The tower is expected to have the “REALTOR” logo at the top. The project would entail demolition of NAR’s existing headquarters building at 430 North Michigan Ave. and combining it with an adjoining tract so that a mixed-used project with a hotel, condos, retail and office space can be building, according to an article by Andrea Brambila, associate editor of Inman News.
Brambila reported the NAR’s board of directors has approved a proposal to move ahead with the 2 million sf project. NAR currently has a nonbinding understanding with a partner to build the project, but the association declined to reveal the name of the partner, Inman News said.
Pamela Monroe, chair of NAR’s Real Property Operations Committee said the unidentified entity is “a world-class partner with premium credentials” that is “very private” and “extremely well capitalized.”
NAR Treasurer Bill Armstrong described the proposed development as a “Rockefeller Center-type venue.”