Michigan Avenue High Rise Proposal Squelched By Preservationists

Manhattan developer Jeffrey Laytin’s Symmetry Property Development LLC has run into Chicago preservationists and the politics of aldermanic privilege respecting zoning in his thus far unsuccessful proposal to build a 60 story mixed use tower of condominiums, hotel rooms and time share units on property at the northeast corner of Superior and Wabash, just off Michigan Avenue. Despite enlisting the assistance of Chicago developer Christopher Carley’s Fordham Real Estate, Laytin apparently could not successfully navigate the ins and outs of 42d Ward Alderman Brendan Reilly’s alliance with the Commission on Chicago Landmarks, which on March 7, 2019, voted preliminary approval of a proposed landmark district including the two historic greystone buildings now housing a restaurant and some stores at 42 to 46 East Superior.

If the two Symmetry owned greystones are landmarked, no permit for demolition to make way for the proposed tower will ever be issued. Deerfield lawyer Douglas Litowitz, formerly of the Hong Kong office of Duff and Phelps, has filed a lawsuit seeking class action certification on behalf of the Chinese EB5 visa investors who each put in half a million dollars of the $50 million already raised for the proposed tower, hoping to get green cards and become permanent US residents. Due to the obstacles now arrayed against the project, these folks want their money back.

Attention, rich New Yorkers: if you can’t follow the Chicago web of political, legal and financial influence, don’t try put your high rise project up in this city.