Oct
05

Chicago Tower Construction to Resume

October 05, 2012

chicago tower constructionThe half-built tower at 111 West Wacker Dr. may finally be completed. The unfinished piece of real estate in Chicago is located in the Loop, just blocks from City Hall, and has been empty since 2008.

The tower was originally meant to be a 90-story hotel and condo complex, but construction stopped during the recession.The building has been somewhat of an eyesore, especially because it is located along the stretch of towers that overlook the Chicago River.

Related Cos., a developer from New York, is planning to close this month on a $115 million construction loan that will give the building a fresh start. A 60-story rental apartment tower will be built on the half-finished site. The complex will offer plenty of amenities, such as a gym with skyline views, a lap pool and dog grooming services. Rents are expected to be around $2,400 a month for a studio unit.

More than 1,000 new apartment units are expected to hit the overall Loop market in 2013, which is more than double the 338 units built in 2012. Renewed developer interest in the tower means good news for the Chicagoland real estate market in general.

In September, we reported that the South Loop condo market is expected to grow within the next year. Chicago-based development firm Related Midwest is also giving a failed building a chance by revamping 500 condos in the Museum Campus area.

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Jessica Thom

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