With a sizable new office lease in hand, a downtown developer has proposed adding a floor to an office tower under construction near Union Station.
Riverside Investment & Development proposed a zoning amendment that would add one floor to the forthcoming BMO Tower at 320 S. Canal St. With the addition, the building will have 50 occupied floors, with a 51st floor at the top for mechanical equipment.
The proposal was submitted to the City Council on Wednesday and referred to the zoning committee.
Kent Swanson, executive vice president at Riverside, said the change for the building reflects strong demand from future tenants. The law firm Faegre Drinker Biddle & Reath, currently at 311 S. Wacker Dr., said Wednesday it has leased 105,000 square feet at BMO Tower.
At 1.56 million square feet, the tower is about 50% leased, Swanson said. Other principal tenants include BMO Harris and the law firm Chapman & Cutler. The building is expected to open in 2022.
Swanson said Riverside has contemplated an additional floor in the tower for some time. He said the developer will make an additional contribution to the city’s Neighborhood Opportunity Fund, which supports commercial investment in the South, Southwest and West sides. The amount is to be calculated.
The zoning amendment revises a planned development approved in 2018. The tower replaces a parking garage.
