The Howard Hughes Co.'s plans to redevelop the General Growth Properties site at 110 North Wacker was unanimously approved by the Chicago Plan Commission, paving the way for the single-story structure on the site to be replaced by a 51-story office tower.

The new building, designed by Goettsch Partners, will include 5M SF of rentable space and private outdoor terraces on the fourth, 23rd and 37th floors. Much of the one-acre trapezoidal site will be redeveloped into a new terraced riverwalk and green space. It is one of the last premier downtown land sites offering pristine views of the river.

Because of the size of the project, Howard Hughes and its partner, Riverside Investment and Development, will contribute $19.6M to the city's Neighborhood Opportunity Bonus system. The majority of these payments (80%) are used to fund commercial corridor improvements in underserved neighborhoods. The remainder is split between infrastructure improvements near the development site, and preserving designated landmarks across Chicago. Howard Hughes has not set a construction timeline.