The son of US casino mogul Neil Bluhm has announced plans for the development of a multi-purpose complex in a flourishing Chicago district as the city is attempting to catch the attention of online retailer Amazon, which is looking for home of its second headquarters.
Andrew Bluhm’s real estate company Lamb Properties has sealed partnership with developer IBT Group to jointly develop a 1.2-million-square-foot complex that will feature hotel, offices, and retail facilities on West Fulton Street’s 1200 block, or at the heart of Chicago’s rapidly growing Fulton Market District.
The project was touted as a $500-million one and will include the construction of a 24-story geometric tower connected to a glass office building. A boutique hotel with 60 rooms will complement the offering of the complex. Retail facilities will also be added to the project as well as an underground parking with 700 spaces.
Previously a hub for food wholesalers, the Fulton Market District area has quickly evolved into a popular spot for fancy hotels and dining facilities as well as for corporate offices. Developers from all around the nation have been attracted by the quick growth of the area and have opened their own businesses there. For instance, developer Sterling Bay is currently building a 300,000-square-foot office building which is planned to home Glassdoor, the popular workplace reviewer. The property is located opposite to the site eyed by Lamb Properties.
The developer and its partner IBT now need to obtain the necessary zoning permissions by Chicago officials. They also have one more important challenge before them – to win the favor of the host community.
The Bluhm Family and Their Latest Non-Casino Endeavor
As mentioned above, the Bluhm family is quite well-known for its casino projects. Neil Bluhm, father of Andrew, is the founder and Chairman of casino group Rush Street Gaming. The company and its multiple affiliates have over the years developed and currently operate Rivers Casino in Des Plaines, Illinois, Rivers Casino in Pittsburgh, Pennsylvania, and most recently Rivers Casino in Schenectady, New York, among others.
Presenting their joint venture with IBT Group, Mr. Bluhm told Chicago media that they want to participate in Chicago’s efforts to win the race for Amazon’s new headquarters. The online retail giant announced earlier this year that it was seeking a 8-million-foot site for its new home.
The construction and opening of the new Amazon building is expected to create 50,000 new jobs in the next ten years, which is one of the main reasons why the race among eligible cities is getting more and more intense.
Mr. Bluhm has told reporters that he and his business partners are well-aware of the fact that the 1200 block site will not be enough to accommodate Amazon’s new home. However, they believe that a nearby 25-acre site would be enough to be developed into what was described as “an urban campus” for the retail behemoth.
Lamb Properties and IBT have been in talks with other Fulton Market District Developers to align their views on the Amazon matter.
