Related Midwest, in partnership with the AFL-CIO Building Investment Trust (BIT), announced plans to develop the $157 million 500 Lake Shore Drive apartment building in Chicago’s Streeterville neighborhood.
Related Midwest, the Chicago branch of Related Companies, has been a predominant developer of Chicago luxury condominium homes, affordable housing, and stylistic mixed-use properties since 1988. Recognized for its innovative developments, such as the first LEED-Silver residential building in the Midwest, 340 on the Park, Related Midwest plans now to bring not only housing, but also jobs to the city of Chicago.
The development of the new apartment building is expected to create over 500 new rental complexes, as well as 750 union construction jobs. With a national unemployment rate of 9.1 percent, this is good news for the Chicago job market. The project is planned to have a number of environmentally sustainable features as well, most notably, a signature, vertical green wall facing Lake Shore Drive.
The official groundbreaking ceremony will take place Wednesday, September 1 at 10 a.m. at the planned construction site, 500 North Lake Shore Drive. Deputy Mayor Mark Angelson, Alderman of the 42nd ward Brendan Reilly, and Curt Bailey, president of Related Midwest, are expected to attend the groundbreaking ceremony amongst many others.