Apple is planning to open a new store in Chicago, which was earlier estimated to cost $62 million, but a report on Wednesday stated that the final build cost will be $27 million, notes AppleInsider. Work on the store, once referred to as a glass temple,” is going really fast. The store is being built on the Chicago River’s north bank, anchoring one end of the North Michigan Avenue shopping district.
Cost in line with other Apple stores
Initially, the cost that was estimated by Apple and its partners at a massive $62 million — thrice that of Apple’s Union Square store in San Francisco, according to permits filed with the Chicago’s Department of Planning and Development in October. However, the Chicago Tribune uncovered some documents filed just a few weeks later in which the cost revision was shown down to $26.9 million. This cost is close to that of some international Apple flagship locations.
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The store will be spread over a 20,000-square foot area behind a temporary black wall lining the southern border of Pioneer Court at 401 N. Michigan Ave. Open spaces, occasional large-scale public art displays and promotions have made Pioneer Court a popular location. The retail focus will be shifted further south along Michigan Avenue with the addition of the Apple Store.
Los Angeles-based developer CIM Group purchased Tribune Tower from Tribune Media for $240 million in September. The developer had planned to transform the historic North Michigan Avenue property into a mixed-use development.
Excellent location, remarkable designing
Apple’s new Chicago store, which is scheduled to open in October 2017, will feature a glass-walled foyer positioned at street level. It is believed that the store was designed by longtime Apple collaborator Norman Foster of Foster + Partners. Zeller Realty Group – the owner of the property — filed the plans and architectural renderings in 2015, detailing a 20,000-square-foot glass, wood and steel structure.
There are two pillars running to the height of the structure to offer support that flank two grand staircases and an elevator bringing customers to a salesroom that has even larger glass panels. The terraced architecture has a flat carbon fiber roof, creating a wide open internal space, notes AppleInsider.
On Wednesday, Apple shares closed down 0.43% at $116.75. Year to date, the stock is up almost 11%, while in the last six months, it is up almost 25%. The stock has a 52-week high of $118.69 and a 52-week low of $89.47.