The City Council approved a plan today to create a new downtown public plaza space at the corner of Franklin and Randolph Streets as part of the development of a neighboring office tower.

"The new plaza will create a new place to rest and relax for downtown workers and visitors," said Mayor Richard M. Daley. "This is a great opportunity to further the goal of the CitySpace Plan to create more open space in every Chicago neighborhood, including the West Loop."

The 9,600-square-foot plaza will replace three commercial buildings on the northwest corner of Randolph and Franklin, adjacent to a 48-story commercial office tower under construction at 155 N. Wacker Dr. The tower's developer, John Buck Co., will acquire the three buildings at 300-308 W. Randolph St., and build out the new public plaza space.

The $19.7 million project will incorporate sustainable design elements, seating and landscaping. The plaza will then be conveyed to the City, but maintained in perpetuity by the developer in accordance with a development and management agreement.

In turn, the developer will be reimbursed $7 million in Tax Increment Financing (TIF) funds for a portion of the acquisition and site-preparation costs. The remainder of the project's costs, $12.7 million, will be financed by the developer.