Amazon entered into an agreement in 2016 that could be worth an estimated $71.5 million, contingent upon creating 3,500 jobs at a Joliet warehouse. Other companies have received larger incentive packages from the state. It has qualified to receive more than $10 million in tax credits to date.
Salesforce entered into the tax agreement in 2012 and amended it to include the new project, according to state documents. It also requires Salesforce to make $175 million in capital investments over the next 10 years. The agreement is through the EDGE program, short for Economic Development for a Growing Economy, which provides tax breaks for companies that promise to create jobs in Illinois. Salesforce expects the average annual salary of those employees will be $100,000. The company entered into a tax credit agreement with the state worth an estimated $41.5 million, with a requirement to add at least 1,000 new full-time jobs by the end of 2023. “That’s our biggest challenge these days … keeping out ahead of the growth.” The company will continue finding space as needed to accommodate the growing employee count until the tower opens, Pinkham said. Pinkham expects employees to start moving into the Wolf Point tower in 2023. Wacker Drive, and within WeWork co-working space at 20 W. It also has workers in buildings at 114 W. The company already occupies more than 200,000 square feet of office space in River North and Loop buildings, the largest of which is at 111 W. Salesforce opened its Chicago office in 2012 and has grown its workforce in the city to more than 1,400 people. The rules change would permit Salesforce’s sign, which would be 800 feet off the ground, to be as large as 1,100 square feet. The ordinance also allows signs to become larger, on a sliding scale, based on how high they are above the ground. Under the ordinance approved by the City Council in October, office tenants that occupy at least 350,000 square feet or have at least 1,000 employees in a building are allowed to have exterior signage. Since the addition of 20-foot-tall letters spelling out “T-R-U-M-P” near the base of Trump International Hotel & Tower in 2014, the city had placed limits on signs. The company’s plans to move to Wolf Point were reported in August, and Mayor Rahm Emanuel in September introduced the ordinance allowing larger signs on downtown buildings. Salesforce’s name will be on a sign with 11-foot-tall letters atop the east-facing part of the tower, Van Schaack said. The city already has approved zoning for the project. 1, 2020, with plans to complete the 1.2 million-square-foot building by early 2023, said Greg Van Schaack, a senior managing director at Hines. The office tower, designed by architecture firm Pelli Clarke Pelli, will be the tallest of the three.ĭeveloper Hines plans to begin construction of the 813-foot-tall tower around Jan. Wolf Point, a site that has been owned by the Kennedy family for decades, is already the location of two residential towers - one completed and one under construction.
An architectural rendering shows the top of the 813-foot tall Salesforce Tower Chicago planned for the north side of the Chicago River near the Merchandise Mart.
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