Dive Brief:
-
Developers announced that they will break ground early next year on the 66-story Wolf Point East designed by architecture firm Pelli Clarke Pelli, according to Chicago news website DNAinfo.com. It is the second of three towers that are part of the $1 billion Wolf Point development in Chicago.
-
The $360 million high-rise will feature 707 residential units and street-level retail space. It is expected to open in 2019.
- The first completed Wolf Point high-rise is the 46-story residential Wolf Point West, which opened in January. The third tower planned for the site will rise 950 feet and sit at the site's southern end.
Dive Insight:
The Chicago development front has seen major activity due of late. Just last month, a Lendlease joint venture broke ground on a $1.5-billion, 3,600-unit riverfront residential development in the city's South Loop. The project will take about 10 years to complete and will include eight high-rises and a mix of for-sale and for-rent properties. The project, will follows a recent trend of so-called "mega developments," will also include a 3-and-a-half acre park and pedestrian walkway along the Chicago River. The first phase of the project will see the townhouse portion of the project completed in its entirety, in addition to an 18-story condominium building and a 29-story, rental-unit high-rise.
Developers also broke ground on the 98-story, $1-billion Vista Tower in Chicago last month. The Studio Gang–designed skyscraper will be the tallest building in the world designed by a woman-owned architecture firm and will feature luxury units selling from $1 million to $18 million. The tower will also represent the largest single real estate investment in the U.S. by a Chinese company. And it is expected to generate 2,000 construction and 500 permanent jobs, as well as millions in tax revenue.
Arguably the biggest new development in store for Chicago is the Related Cos.' multibillion-dollar, 15-year mixed-use project planned for a 62-acre abandoned rail yard. The company's Midwest division said it would revitalize the riverfront site, which currently serves as a makeshift homeless camp, according to the Chicago Tribune, by building millions of square feet of residential, office and retail space.
