Re-Imagined to become Chicago’s Premier Luxury Residential Tower 60-story Building Represents Visible Recovery of Real Estate Market
CHICAGO – Today, Alderman Brendan Reilly of the 42nd Ward and Commissioner Andrew J. Mooney, of the Chicago Department of Housing and Economic Development joined Related Midwest to officially commemorate the construction re-start of 111 W. Wacker -- the site of the former Waterview Tower. Once completed, the site will house the premier rental property on the Chicago River between the Loop business district and bustling River North submarket. The Silver LEED designed tower will also bring more than 900 new construction jobs to Chicago, demonstrating a visible recovery in one of Chicago’s most prominent real estate locations. The development is scheduled to be complete in the Spring of 2014.
“We are thrilled to restart construction on 111 W. Wacker and transform this long looming eyesore into the premier luxury rental tower on the Chicago River,” said Curt Bailey, President of Related Midwest.
“We are grateful for the partnership of Mayor Emanuel, Alderman Reilly and Commissioner Mooney in bringing this development to fruition and creating 900 new construction jobs. 111 W. Wacker continues 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.”
111 W. Wacker is the site of the former Waterview Tower, planned to include a Shangri-La Hotel and luxury condominiums. In 2008, construction reached the 28th floor but has been stalled ever since. Related Real Estate Recovery Fund (RRERF) acquired the property in July 2011 in a joint-venture partnership with Clark Wacker LLC. RRERF is a distressed real estate fund focusing on the acquisition of distressed loans that were originated for new development, property conversion and renovation, as well as equity positions in properties that require significant repositioning utilizing Related’s diverse real estate expertise. Related Midwest redeveloping the property and has re-commenced construction.
Related Midwest partnered with NY-based architect Handel Architects, Chicago-based Epstein, Kara Mann Design, and general contractor Lend Lease U.S. Construction to restart construction. The 950,000 square foot building will include 504 luxury rental units – studios, convertibles, one-, two- and three-bedrooms – with unrivaled amenities and services, and more than 400 parking spaces. The building will also include, unique and signature restaurant and retail spaces accessible from the street level.
“The re-start of this project is a significant signal that the real estate market in Chicago is recovering,” said Andrew J. Mooney, Commissioner of the Department of Housing and Economic Development. “It also signals the inherent strengths of the city’s downtown market.”
111 W. Wacker is prominently situated on the main branch of the Chicago River at a signature crossroads that bridges the north end of the Loop business and financial district, and is directly across from the vibrant river north cultural and lifestyle district. The Property offers residents spectacular views of Chicago’s skyline and architectural features. Additionally, residents will have access to an abundance of transportation options, with stops on each of the city’s seven main “El” lines – all located within a few blocks of the building.
Related Midwest is one of the most active players in Chicago development with two ultra-luxury rental high-rise developments totaling more than 1,000 units under construction at 500 North Lake Shore Drive and at 111 W. Wacker. Related Midwest’s luxury condominium portfolio includes One Evanston, as well as three marquee South Loop properties that will begin marketing in the first quarter of 2013. Among Related Midwest’s successes in the downtown Chicago area are The Residences on Lake Shore Park (comprising 840 Lake Shore Drive, The Pearson, and The Belvedere), the Park Hyatt Hotel and Condominiums at 800 N. Michigan Avenue, and 340 on the Park at 340 E. Randolph Street, the Midwest’s first green building.
Related and Related Midwest also have an unwavering commitment to the development and preservation of affordable housing. Related was selected by the Chicago Housing Authority as the master developer of the 35-acre Lathrop Homes redevelopment on Chicago’s North Side, and is investing $100 million in Parkway Gardens, revitalizing and preserving the approximately 700-unit affordable housing redevelopment on the South Side of Chicago.
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