The current NAR headquarters building in Chicago, which would be demolished to build a more modern “Class A” structure.

The NAR Board of Directors has voted unanimously to “turn the association’s headquarters into a world-class property that is intended to become the next destination building in the iconic Chicago skyline.” The vote allows “exploration” of the project, meaning the association can begin more detailed talks with its unnamed developer partner.

According to the association:

The property would replace NAR’s 50-year-old, class B+ property with a significant REALTOR®-branded, 1-2-million-square-foot Class A+ building and plaza that would include a 5-star hotel, condominiums, office space, and ground-level retail. Under preliminary plans subject to final agreement with the partner, REALTORS® would own a planned 180,000 square feet of the building plus a percentage of the overall project.

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