May
22

Largest Real Estate Project in 5 Years Coming to the West Loop

May 22, 2012

Chicago Skyline IllustrationThe City of Chicago had big commercial real estate news to share when Mayor Rahm Emanuel announced that Ivanhoé Cambridge, one of the 10 largest real estate companies in the world, is set to make an investment of $300 million to build a 45-story office tower, the River Point, in the West Loop.

Developed by co-investor and international real estate firm Hines on land co-owned by prominent local investor Larry Levy, the River Point investment is expected to close by the end of May 2012 with construction to commence before year-end, and will create 1,000 union construction and house 3,400 permanent office jobs. Tenant occupancy is set to begin in early 2016.

“River Point is a vote of confidence for our city, welcome news for the local economy, and a signal that Chicago is leading the nation in job creation and economic development,” said Mayor Emanuel. “The investors and developers have chosen to double down on Chicago and are starting this project without an anchor tenant, because they see that Chicago is a city on the move, shaping its own future, and attracting the best and brightest.”

This is positive news for the Chicago real estate community as the tower will be the largest real estate project to occur in the city in the past five years.

“I am proud to have ushered this project through the City Council and believe it will be a significant asset to downtown Chicago,” said Ald. Brendan Reilly (42nd Ward). “Working with local stakeholders, we facilitated a transparent process resulting in an excellent project at this premier location on the Chicago River. Hines will deliver a world-class office building while decking over and concealing railroad tracks with a beautiful 1.5-acre park for public use. This level of public collaboration is the winning formula we’ve established to facilitate responsible development and create thousands of jobs in downtown Chicago’s 42nd Ward.”

The River Point will be built at 444 West Lake Street on the western bank of the Chicago River near two rail hubs in the West Loop, overlooking the river towards Lake Michigan.

Characteristics of the development include:

  • Approximately 900,000 square feet of leasable space.
  • Construction of a majestic 1.5-acre public park atop the existing rail infrastructure that will connect the tower.
  • 450-linear feet of newly landscaped walkway to the Chicago Riverwalk.

“This project not only represents welcome economic news, it also responds to increasing corporate demand for the highest quality real estate,” explained Daniel Fournier, Chairman of the Board and Chief Executive Officer of Ivanhoé Cambridge.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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