A three-phase, $1 billion project was proposed May 29 for the city's Wolf Point area.

Representatives from real estate firm, Hines, Kennedy Enterprises and Magellan Development Group unveiled a $1 billion project slated for the city’s Wolf Point area at a community meeting May 29.

The three-phase project includes a residential building and two commercial buildings along the north, south and east branches of the Chicago River. The first phase of the project involves construction of the 525-foot tall residential building which will house 500 luxury rental units, according to an issued press release. 

Two commercial buildings–with one towering at 950 feet at the project’s south side, and the other at 750 feet at its east side–rounds out the proposal’s skyscrapers. In addition to its three proposed buildings, the project is also looking to add a public park and enhance the area’s existing river walk. The new section of the river walk will begin west of the Orleans Street bridge, extend along its perimeter and end south of Kinzie.

The project, which was designed by Pelli Clarke Pelli Architects, bKL Architecture and Wolff Landscaping Architecture, is expected to create 2,000 construction and permanent jobs.

Chicago Tribune is reporting that the residential building is slated to be complete by 2014, while the south and east commercial towers are expected to be done by 2018 and 2020, respectively.