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Old Posted Oct 2, 2016, 8:08 PM
chris08876's Avatar
chris08876 chris08876 is offline
Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
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Just some extra info:

The developers behind the multi-tower Wolf Point complex are planning to launch the construction of a 66-story apartment tower in early 2017 – the second of three planned towers on the riverside site near Merchandise Mart.

Wolf Point East will be a 750-foot (229-meter) tower with 707 luxury apartments, according to the AFL-CIO Building Investment Trust, an investor in the first two phases of the development.

According to a report from April, the tower's developers, in a venture led by Hines Interests and Joseph P. Kennedy Enterprises, planned to break ground on the second tower in the first quarter of 2017. At the time, specific details of the project were not disclosed.

Initially, the second tower was intended to include a mix of office and residential space, but with apartment demand soaring, the developers opted instead to have the entire 66-story building be residential.

The venture capitalist, which invests in real estate on behalf of union workers' pension and retirement plans, did not say how much it is investing in the second tower. The trust made a $34 million equity investment in the 48-story Wolf Point West apartment tower, which it said cost $160 million. The 509-unit tower was completed earlier in 2016.

The $360 million eastern tower, designed by Pelli Clarke Pelli Architects, will include 40,000 square feet (3,700 square meters) of amenities, 198 parking spaces, and 3,000 square feet (280 square meters) of ground-floor retail, according to a recent statement by the backer. It is expected to be completed by December 2019.

“Wolf Point East will not only be another beautiful addition to Chicago's skyline, but it shows what can be done when labor invests in itself,” said AFL-CIO Building Investment Trust President Mike Stotz.

With underzoning obtained for the three-tower development, the final tower at the southern tip of the Wolf Point site could be as tall as 950 feet (290 meters).

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