The Rise of the Neutral: A Look at the Development of The Vantage and the Sears Site in Downtown Chicago - A Tale of Luxury and Feasibility

The city of Chicago is about to get a new addition to its skyline with the construction of a 35-story, 400-unit luxury apartment building named The Vantage. The project, which is being developed by a Chicago-based real estate company, will be located at 222 West Wacker Drive and will overlook the Chicago River. The building will be the tallest residential high-rise in the Midwest and will use environmentally sustainable construction techniques that involve the use of cross-laminated timber (CLT) for its columns, beams, and other building frame components. However, the bigger story is not just the construction of The Vantage but the development plans for a neighboring site across the street. The company has conceptual plans to develop a mixed-use high-rise with apartments, hotel rooms, offices, and retail space at the former Sears Tower site, 200 North Wacker Drive. The mayor's department of planning and development proposed a one-year exclusive right to negotiate a sale of the city-owned Sears site to the developer in September. This would give the company time to refine its plans, including financing and zoning approvals. However, the negotiation right has yet to be reviewed by the Chicago City Council, which would also review a proposed site sale. Alderman Raymond Lopez, whose district includes downtown, is skeptical about the developer's plans for the Sears site. He is concerned about the feasibility of the developer's plans, as two other proposed high-rise projects in the area have been put on hold due to zoning issues. He also has concerns about the developer's plan to do the project in phases, which could result in a relatively small project component being built while the rest of the 2.5-acre site remains undeveloped for years. Development Commissioner Michael Scott has said that the department would use the proposed year-long negotiation period to conduct a more extensive feasibility study. Meanwhile, Lopez wants the Department of Planning and Development to issue a new request for proposals for the Sears site. John Smith, CEO of the developer, has continued to have talks with city staff about the Sears site and plans to reengage with Lopez soon. He hopes that the construction of The Vantage will "build some assurances" about the developer's ability to do the larger Sears site development. The $150 million The Vantage's first apartments are expected to be completed by summer 2026, with the remaining units finished by winter 2026. The building will not only add to Chicago's skyline but also provide a new and sustainable living option for residents in the city.