Church opts for development dollars

Chicago's Fourth Presbyterian Church, which identifies its Michigan Avenue location by saying that the 110-story John Hancock Center is "across the street from us," hopes to turn its high-value site into a financial windfall.

Church members have overwhelmingly approved a plan to build a 64-story residential condominium tower on church property. The $25 million or so the church could receive from the sale of air rights would be used in part for renovation and expansion of its existing facility, including the construction of 65,000 sf of new space.

The condo plan by Lucien Lagrange Architects, Chicago, has setbacks at several levels to acknowledge the heights of surrounding buildings.

The development team, which consists of Edward R. James Partners, Glenview, Ill., and Opus North Corp., Rosemont, Ill., was scheduled to file a planned development application with the city last month. The proposed development could be ready for occupancy in 2009 or 2010.