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RANDOLPH TOWER UNDERGOES $146.6 MILLION RESTORATION

CHICAGO — Village Green, in conjunction with the City of Chicago, has begun the $146.6 million restoration of Randolph Tower, a 45-story historic office building in the central business district of downtown Chicago.

Slated to become Randolph Tower City Apartments, a mixed-use residential development, the property is located on the corner of Randolph and Wells at 188 West Randolph. The terra cotta clad building was originally constructed in 1929 in the Gothic Revival style, designed by architect Karl Vitzhum. The building was known as The Steuben Club Building though World War II, but by 1948 it became known as Randolph Tower. It originally housed retail stores, professional offices and recreational and social club space on the upper floors.

The restoration project is being built in partnership with the City of Chicago, Former Mayor Richard M. Daley, Alderman Brendan Reilly, Citi Community Capital, US Bank, Bank of America, Freddie Mac, Illinois Housing Development Authority and Key Bank.

“In this uniquely difficult financial market, we were able to secure the financing with Village Green’s dedicated supporters and partners,” said Jonathan Holtzman, Village Green CEO.

Hartshorne Plunkard Architecture and Linn-Mathes Inc. led a team of consultants to complete the complicated details of this project. Wiss, Janney, Elstner Associates, Inc. is the facade architect, Central Building & Preservation L.P. will do the facade restoration work and Baldwin Historic Properties is the historic consultant.

Randolph Tower City Apartments will follow the National Green Building Standard created by the National Association of Home Builders, which is equivalent to the U.S. Green Building Council’s LEED certification program. A component of the development allows 20 percent of the apartments to be set aside for households earning no more than 50 percent of the area median income. Randolph Tower City Apartments will begin pre-leasing in the 3rd quarter of 2011, anticipating first occupancy in the first quarter of 2012, with completion by the fourth quarter of 2012.

The residential portion of the community will include 313 apartments, made up of studio, convertible, one and two-bedroom, and penthouse units, featuring 40 floor plans ranging from 500 to 2,000 square feet. In addition, the property will feature 22,000 square feet of first floor restaurant and second floor office space; a 24-hour concierge service and boutique hotel lobby; professional conference, business and fitness centers; an indoor swimming pool nearly 300 feet above street level with an adjacent outdoor terrace; and a Sky Club with movie lounge, gourmet kitchen and bar area, gaming space, and sitting areas at fireplaces. The building is adjacent to all forms of mass transit.

“Village Green is committed to being green, and has a historical commitment to being green. The restoration of a historic building is significantly better for the environment than constructing a new building,” said Holtzman.

Randolph Tower City Apartments is the fourth restoration of a national historic building in downtown Chicago for Village Green and its principals. The company operates eight other high-rise apartment buildings in Downtown Chicago.

— Dan Marcec

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