The Great Chicago Fire of 1871 had destroyed a swath of the city between the Chicago River and Lake Michigan, and subsequent commercial development expanded into the area far south of the main business district along the river that would come to be known as "the Loop". Between 1881 and 1885, Aldis bought a series of lots in the area on Peter Brooks' behalf, including a 70-by-200-foot (21 by 61 m) site on the corner of Jackson and Dearborn streets. The location was remote, yet attractive for several reasons. The construction of the Chicago Board of Trade Building in 1885 had made nearby LaSalle Street the city's prime financial district, driving up property values, and railroad companies were buying up land further south for new terminal buildings, creating further speculation in the southeastern end of the Loop. Brooks commissioned Burnham & Root to design a building for the site in 1884, and the project was announced in 1885, with a brief trade journal notice that the building would cost $850,000 ($ in dollars). The Chicago building community had little faith in Brooks' choice of location. Architect Edwin Renwick would say: