Montgomery Ward may be closing, but the distribution center left over from its heyday as a cataloger will carry on as a Chicago landmark. According to architectural buffs and experts, its terra cotta work is wonderful.
Centrum Properties bought the 23-acre site along the Chicago River for $62 million last July. The deal did not include the office tower and the parking lot, which are now up for sale.
The architectural firm plans to renovate the campus with a mix of residential, commercial and retail space. In addition to 3,000 apartments, the eight-story, 2.2-million-square-foot complex will include a high-tech center catering to Web hosting, e-commerce and other Internet specialties. The budget for renovation and conversion exceeds $150 million. Centrum expects to complete the project in early 2002.
In March, the catalog distribution center was recommended for landmark status by Chicago’s Landmarks Commission, which was subsequently granted.
Montgomery Ward itself filed for Chapter 11 protection in December.
