In May 2005, Grace Communities announced the existing building would be razed and in its place a 34-story tower would be erected and named 44 Monroe, the site's address.

On April 16, 2006, Grace communities hosted a “Going Vertical” party signaling the tower's foundation was complete and construction would now be above ground.

[1] In September 2009, its primary lender, Corus Bank, based in Chicago, was taken over by the FDIC, and in January 2010 the project was headed for a trustees' sale and likely foreclosure.

The elements will be expressed as five vertical fins on the front of the structure's façade, with the pattern to be repeated throughout the building's interior.

The building will feature seven floors of above-ground parking and 196 residential units, ranging in size from 780 to 4,800 square feet (450 m2).