Presidential Towers
General information
StatusComplete
TypeSkyscraper
LocationWest Loop
Address555 W. Madison St.
Town or cityChicago
CountryUnited States
Coordinates41°52′53″N 87°38′34″W / 41.8814362°N 87.6426838°W / 41.8814362; -87.6426838
Construction started1985
Completed1986
OwnerWaterton Associates
Height461 feet (141 m)
Technical details
Floor count49 per tower
Floor area2,700,000 square feet (250,000 m2)
Design and construction
Architecture firmSolomon Cordwell Buenz & Associates
DeveloperDaniel Levin, James McHugh, and Daniel Shannon
Main contractorJames McHugh Construction Co
Awards and prizesLEED Silver Certification
Other information
Number of units2346
Parking1162 spaces
Website
presidentialtowersapts.com
References
[1][2][3][4][5]

Presidential Towers is a multi-tower residential apartment complex built in 1986 and located in Chicago, Illinois at 555 W. Madison. Bounded by Madison, Monroe, Clinton, and Desplaines streets, the property covers two full blocks in the West Loop neighborhood.

Built in what was once the skid row area of Chicago, the complex received over $100 million in direct investment and waived Federal, state and city revenues to get built, including the then-largest guarantee from the Federal Housing Administration. Occupancy struggles in the late 1980s resulted in the complex going into default in the early 1990s.[6]

The complex is composed of four 49-story residential skyscrapers sitting atop a four-story, 1162-space parking garage and 135,193 square foot (12,559.8 m2) retail base. The towers are all staggered in their placement upon the site to maximize skyline views of the nearby Chicago Loop and surrounding neighborhoods for each of the 2346 apartment units. The complex was built in an area once known as Chicago's skid row and was designed to be a self-contained community with an inward-facing mall located within the towers' base.[3]

Waterton Associates purchased Presidential Towers in 2007 from Pritzker Realty Group[4] and began plans for a comprehensive renovation. Work to date has included updating living units and common areas, and adding street front access to the ground floor retail space.[3]

Presidential Towers has hosted an annual "Fight for Air Climb" stair climb since 2009 and was awarded a 2014 Impact Award by the American Lung Association of Greater Chicago.[3] In 2015, it became the largest residential property in Chicago to implement a 100% smoke-free policy.[7]

References

  1. ^ "Presidential Towers". Chicago Architecture Info. Retrieved 7 February 2017.
  2. ^ Megan, Graydon (23 August 2016). "James McHugh, construction company pioneer, dies at 90". Chicago Tribune. Retrieved 7 February 2017.
  3. ^ a b c d Boston, Lauren. "Back in the Loop" (PDF). Units. naahq.org (October 2014): 42–49. Retrieved 7 February 2017.
  4. ^ a b Neamt, Ioana. "Chicago Presidential Towers Land $250M Financing". Multi-Housing News Online. Retrieved 7 February 2017.
  5. ^ Corfman, Thomas A. (5 March 2007). "Pritzker family to sell Presidential Towers". Crain's Chicago Business. Retrieved 7 February 2017.
  6. ^ Wright, Talmadge. Out of Place: Homeless Mobilizations, Subcities, and Contested Landscapes. SUNY Press, 1997, page 159
  7. ^ "PRESIDENTIAL TOWERS IN WEST LOOP BANS SMOKING". ABC 7 Chicago. 3 March 2015. Retrieved 7 February 2017.