“A developer investing in the Loop’s revival said he’s interested in working with the federal government to refurbish century-old State Street skyscrapers that previously were earmarked for demolition.

“Quintin Primo III said he ‘absolutely’ will respond when the General Services Administration, which manages federal property, officially seeks proposals to renovate the towers at 202 and 220 S. State St.

“‘These are two historic buildings that should be reinvigorated and not demolished,’ Primo, founder and executive chairman of Capri Investment Group, said.

“He favors preservationists’ suggestion that the buildings become an archives center for nonprofit and religious groups but said that other uses should be considered.

“‘We don’t want the buildings dormant. We want them active and, in a perfect world, educational as well,’ he said. Space could be used for classrooms and the ground level should be for retail, in keeping with State Street’s character, Primo said.

“Still, any plans for the distinguished but decaying towers face numerous obstacles and could take years to advance. The GSA has said it wants to retain ownership of the property, which abuts the Dirksen Federal Building.

“Federal officials, including judges in the U.S. District Court here, had deemed the buildings a security threat and Congress set aside $52 million to raze them. But because they are part of the Loop’s historic retail corridor, the GSA couldn’t act until it finished hearings about their future.

“In a surprising bureaucratic turn, the agency last week published its preference for renovation instead of wreckage, while attaching conditions that could scare off private sector interest. It said it must retain property ownership and it ruled out uses that could affect security such as creating residences, a hotel or worship space.

“Primo, however, said, ‘I think there’s some room for negotiation and some room for flexibility. As developers, we’re problem solvers and I think we can develop a plan that meets the need for security.’

“Primo said he hopes Congress will reallocate the demolition money for the buildings’ preservation. Tax credits for historic preservation and other government subsidies will be needed to complete a project that could exceed $100 million, Primo said.

“He said with the subsidies he can raise sufficient private investment. ‘We have had no issue whatsoever in raising the needed capital for our historic and very profitable projects,’ Primo said.

“He has partnered with developer Michael Reschke to revive the La Salle Street corridor in partnership with the state government — making over the James R. Thompson Center into Google’s Chicago headquarters. The duo also bought the 400 S. La Salle building, former home of the Chicago Board Options Exchange, and eyes a data center for its large empty floors. (Roeder, Chicago Sun-Times, 8/16/24)

Preservation Chicago is thrilled by the interest and enthusiasm of Quintin Primo III and Capri Investment Group in the adaptive reuse of the Century and Consumers Buildings. We have worked closely with Capri on other Loop historic adaptive reuse properties including the Thompson Center and Harris Bank Building and have high confidence in their capacity to deliver an outstanding development.

Additionally, we appreciate the GSA and Federal Court expanding the process to include the possibility of adaptive reuse. To have a thorough adaptive reuse exploration, it is important that the remaining $45 million federal dollars earmarked for Century and Consumers Buildings be committed to either demolition OR adaptive reuse. We urge the GSA to request that Senator Durbin make the necessary adjustment to the original earmark language.

Read the full story at Chicago Sun-Times

• Decayed State Street towers attract interest from Chicago developer betting on Loop turnaround, Quintin Primo III of Capri Investment Group said he will respond when the federal government publishes a call for lease ideas for the buildings at 202 and 220 S. State St., David Roeder, Chicago Sun-Times, 8/16/24
• Savior of Thompson Center, Cboe buildings eyes historic State Street pair now, Dennis Rodkin, Crain’s Chicago Business, 8/16/24
• Feds decided to preserve two Chicago buildings; Enter Quintin Primo; GSA reversed decision to demolish historic buildings, if security of adjacent federal building can be managed, Andrew Terrell, The Real Deal, 8/19/24