Merchandise Mart - History

History

In 1926, a westward extension of double-deck Wacker Drive increased development on the south riverbank. In 1927, Marshall Field and Company announced its plans to build on the north bank opposite Wacker Drive. Owned by Marshall Field & Co., the Merchandise Mart opened on May 5, 1930, just east of Chicago's original trading post, Wolf Point. Bordered by Orleans, Wells and Kinzie Streets, the site was a former Native American trading post and the site of Chicago and North Western Railway's former Wells Street Station, abandoned in 1911 in favor of the Chicago and North Western Passenger Terminal. With the railroad's air rights, the site was large enough to accommodate "the largest building in the world". Removing the train yard supported the Chicago Plan Commission's desire to develop and beautify the riverfront. The building realized Marshall Field’s dream of a single wholesale center for the entire nation and consolidated 13 different warehouses. Later managed by Sargent Shriver, the building was owned for more than 50 years by the Kennedy family through Merchandise Mart Properties, Inc. until 1998, when MMPI was acquired by Vornado Realty Trust for $450 million in cash and a $100-million-plus stake in Vornado. In early 2007, the building was valued at $917 million.