A Building Taller than the Willis (Sears) Tower Coming to Chicago?

A new plan was announced this week to build a skyscraper taller than the Willis Tower (formerly the Sears Tower) at the site of Chicago’s Old Post Office. The proposed redevelopment of the long-defunct post office headquarters is part of a $3.5 billion project that includes a soaring 120-story high-rise that would not only surpass the Willis Tower in height, but become the tallest structure in North America.

According to news reports, the full plans call for a five-building complex that would transform the area along the Chicago River (west of the Loop) into a thriving commercial/entertainment center with two new hotels, retail shops, residences, parking, a winter garden and a riverwalk. The huge undertaking will be divided into 3 phases over the course of ten years. In the first stage, the Old Post Office will be renovated and converted into commercial and hotel space with a garage. A 60-floor hotel and the aforementioned 120-floor tower (occupied by offices, residences and more hotel rooms) would be built in the second phase. Retail stores and a parking lot will wrap up the third and final phase, creating a 10-level foundation for two additional residential skyscrapers.

One of the unique things about the project that may help attract business once plans are completed is the promise of free parking. The developer of the site, who currently owns the city’s former post office headquarters, has said he understands that many patrons will be driving in from the suburbs and don’t want to have to pay to park their cars. For that reason, much of the complex’s parking facilities will not charge fees. This will make the new downtown shopping center a viable option for those who would just as soon go to a suburban mall where parking is always free.

The focal point of the new development is sure to be its 2,000-foot skyscraper, which will tower over Willis Tower by 500 feet. It will also one-up the already under construction One World Trade Center in New York City (being built at the site of Ground Zero). One World Trade Center is on track to be the tallest building in the country when completed—however, that would change if this project gets a green light.

Before moving forward, the plan must get City Council and Plan Commission approval, according to reports from the Chicago Tribune. With their blessing, the first phase can begin within 90 days. Real estate analysts say the future of the proposed downtown Chicago development weighs on whether or not it will create lasting jobs. In addition to job growth, an undertaking of this size would also hopefully generate additional demand for nearby housing for workers as well as more tourist traffic.

Spencer Mason writes about Chicago real estate listings as well as many other related topics regarding Chicago buildings.