Chicago Construction News staff writer
A mixed-use office high-rise is set to rise at 590 W Madison St. in Chicago’s West Loop Gate. The new development, spearheaded by Florida-based Third Millennium Group and Texas-based Hines, will replace an existing parking lot adjacent to the 540 W. Madison office tower.Designed by Goettsch Partners and Michael Hsu Architecture, the 28-story structure aims to meet the increasing demand for Class A office space in the city.
The site has been earmarked for a future tower since the construction of its neighboring building, 540 W Madison. Initial plans from 2014 envisioned a taller skyscraper with a hotel component, but those plans never materialized due to an oversupply of high-end office space at the time. However, as the demand for premium office spaces rebounds, the development team has returned with a new approach that better aligns with the evolving commercial real estate landscape.
The 28-story tower will include:
- 605,000 sq. ft. of office space
- 50,000 sq. ft. of amenity space
- 10,000 sq. ft. of retail space
- Potential shared parking facilities with the adjacent building