RELATED MIDWEST BREAKS GROUND ON INNOVATIVE LUXURY RENTAL TOWER
Market-Defining Building with Sustainable Features, Best-In-Class Amenities and Stunning Views Located at 500 Lake Shore Drive will Create More Than 750 Union Construction Jobs
Related Midwest, in partnership with the AFL-CIO Building Investment Trust, today joined local elected officials and labor leaders to break ground on a one-of-a-kind, 45-story, 500-unit luxury rental apartment tower located at 500 Lake Shore Drive. The groundbreaking ceremony officially commemorated the start of construction of the development, which will be ready for residents in May 2013. 500 Lake Shore Drive represents an investment of more than $160 million in the City of Chicago and is expected to create more than 750 union construction jobs.
"The size, scale and overall design of 500 Lake Shore Drive will provide for a very well-conceived addition to the lakefront," said Andrew J. Mooney, commissioner of the Chicago Department of Housing and Economic Development. "The groundbreaking is also an encouraging sign of renewed life in Chicago's real estate market."
Upon completion, 500 Lake Shore Drive will be an impressive addition to the Chicago skyline in a premier location. Designed by architects from Solomon Cordwell Buenz (SCB), it will include 500 residential rental apartments, a parking garage and retail space. The development will incorporate sustainable features to increase energy efficiency and improve indoor air quality. Additionally, the building will feature a signature, vertical green wall on the east façade immediately adjacent to Lake Shore Drive that incorporates a variety of creative greenery. 500 Lake Shore Drive is anticipated to receive LEED Silver certification.
“Related Midwest is thrilled to build on its track record of delivering best-in-class residential developments to the Chicago market with 500 Lake Shore Drive. Our vision is to offer Chicagoans a beautiful urban respite with inspired architecture and unrivaled amenities,” said Curt Bailey, president of Related Midwest. “We look forward to continued collaboration with the city, local leaders, community members and Streeterville residents to add to the vitality of one of Chicago’s great neighborhoods.”
The property will be constructed on an approximately one acre, full-block parcel bounded by Lake Shore Drive, Grand Avenue, Illinois Street and Peshtigo Court. The property received approval from the Chicago Plan Commission on June 16.
“We welcome this state-of-the-art project and the many jobs it will provide local workers,” said Tom Villanova, president of the Chicago & Cook County Building & Construction Trades Council. “At a time when economic challenges persist, this project offers many hard-working men and women a chance to get back to work.”
Residences will feature expansive, signature views of Lake Michigan, Lake Shore Drive, Chicago’s iconic skyline and local public parks, inspired contemporary architecture and design and unrivaled amenities. The 30,000 square foot amenity package includes club rooms for entertaining and relaxing on the 11th and 45th floors and fully-outfitted catering kitchen to service the club rooms, outdoor spaces and residences. The building will also feature spectacular and unique outdoor spaces including a beautifully landscaped exterior roof terrace with a lap-length pool, sundeck, private cabanas and dining spaces with kitchens and a fire pit.
“Streeterville is home to world-renown architecture, dining, shopping and museums, as well as active residents who want to live and play near the lakefront,” said Alderman Brendan Reilly (42nd Ward). “The development team worked together with the community to address concerns and incorporate sustainable elements like the all-season green wall – the first building in Chicago to feature year-round exterior greenery.”
500 Lake Shore Drive will continue Related Midwest’s rich tradition of market-defining developments and will become the next great addition to the Related rental portfolio representing the finest luxury residential properties in the country.
In addition to SCB, the joint venture has engaged Lend Lease as the general contractor. Lend Lease and SCB have a long history of designing and constructing successful, multifamily residences, including Related Midwest’s 340 on the Park, the first LEED certified residential tower in the Midwest. Related Midwest is also developing 111 Wacker Drive, a 500-unit luxury rental complex on the Chicago River.
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