Chicago’s hopes of becoming Silicon Valley North have withered on the vine, and the events of September 11 continue to reverberate through the nation’s economy. Accordingly, plans for the “high-tech transformation” of the Clybourn industrial corridor have taken a different turn.
TrizecHahn Corp., a Toronto-based developer, is selling its 80 percent stake in the ambitious Clybourn Technology Center, 1840 N. Clybourn Ave.
Bruce Liimatainen, president and COO of steelmaker A. Finkl & Sons, one of TrizecHahn’s minority partners in the project, said the recent “restructuring” of the economy prompted the change of plans.
“It’s a downsized project,” Liimatainen said. “It doesn’t provide the jobs and things we were originally looking for, but it does work for everyone in the community.”
Two years ago, A. Finkl & Sons, the area’s industrial anchor, teamed with TrizecHahn and Skokie-based Argent Real Estate Corp. to turn the erstwhile home of giftware importing company Artmark Chicago Ltd. into a high-tech office complex.
The 380,000-square-foot complex was to have been transformed into a complex of offices wired for fast Internet access; storage space for telecommunications equipment; and amenities such as an exercise room and day care center. Plans called for adding two stories to the existing four-story structure, and building an underground parking garage across the street at 1835 N. Clybourn Ave.
Not only that, but the new tech center was expected to create 750 high-paying jobs, as suburban high-tech companies moved back into the city to take advantage of the pool of available employees.
Now, the revised plans for the site include retail—perhaps including a Talbot’s women’s clothing store—a restaurant and a child-care center. Above that would be three floors of self-storage facilities. Parking would be available in the basement, as well as across the street.
The impact on traffic and parking—always a concern in congested Lincoln Park—would be minimal, Liimatainen said.
“We’ll need a smaller number of spaces because there’ll be [fewer] offices across the street. With self-storage, you’d need less parking,” he said.
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