Dive Brief:
- Related Midwest, the Chicago-based development arm of Related Cos., has proposed a $1 billion, waterfront dual-tower project for the former site of the defunct Chicago Spire, according to a company statement.
- The 400 Lake Shore Drive project would see construction of two glass and terra cotta-clad towers – one 1,100 feet tall and the other 850 feet tall, with a four-story podium connecting them. The bigger building, which is adjacent to the Chicago Riverwalk, will have 300 luxury condominiums and a 175-room hotel, while the shorter building, next to the Ogden Slip, will include 550 luxury apartments. The property, which is located where Lake Michigan meets the Chicago River, will also feature four levels of underground parking and access to the lake.
- As part of its proposal to the city, Related Midwest will also build the three-acre DuSable Park, which will eventually connect to the SOM-designed 400 Lake Shore property. The developer will contribute $10 million to the project as well. If Related Midwest wins final city approval without significant delays, it could break ground on the project in the summer of 2019, according to Curbed Chicago, with completion slated for 2023.
Dive Insight:
Related Midwest is also in the planning stages for a South Loop Chicago project called The 78, a 62-acre former rail yard along the Chicago River. The mixed-use development will include residential, real estate and office space and will be home to a $1.2 billion Discovery Partners Institute research center. The facility will be built on land donated by Related as part of its public-private partnership with the University of Illinois.
All of this is part of the explosion in construction activity in Chicago and other major U.S. metros. However, Dodge Data & Analytics reported late last year that 2017 was likely the beginning of the end of Chicago's building boom. Reduced residential construction spending and rising construction costs both factored into that prediction.
But for now, there is construction all around in the Windy City . As of November 2017, Chicago had erected its 60th crane of the year, indicating a still-robust market.
