Related Midwest officially closed on the Waterview Tower project yesterday, the Wacker Drive building that has been unfinished since 2008.


Next in line will be the completion of the new development, which is now set to be a 65-story luxury apartment building with 500 units, according to Crain’s. With previous plans for the building to be a hotel and office space, Related’s development plan a new one to add to the mix, and hopefully the successful one.

With the current market scaring many away from buying homes and pushing toward renting, this may be an ideal choice for the prime Chicago location. Related also has another 500-unit apartment development in the works in Streeterville.

Related Midwest’s president, Curt Bailey, told Crain’s that they “like the site because of its proximity to the downtown business district and the restaurants and entertainment attractions in River North”

Construction on the Waterview Tower development is estimated to start in early 2012, with completion set for 18 to 24 months later.