Construction has resumed for Related Midwest and Clark Wacker LLC’s Waterview Tower project.
On the heels of our latest cover story on Related Midwest’s venture in re-launching three failed South Loop residential towers, Curbed Chicago is reporting that construction has resumed for their Waterview project on Clark and Wacker.
Located on 111 W. Wacker, Related Midwest has plans of creating a 59-story, 630-foot tall residential tower on the site. Related Midwest entered a joint venture with Clark Wacker LLC last November for the project, which initially was supposed to be the Waterview Hotel.
Back in April, Curbed Chicago also unveiled a newer, scaled-back design for the Waterview designed by Handel Architects. Featuring a glassier, sleeker look, the new design by Handel Architects is a stark contrast to the design DeStefano Partners had in mind for what was to be the Waterview Hotel.
According to a press release issued by Related Midwest last November, the Waterview Tower will house 500 luxury residential units that will include on-site parking. Curt Bailey, president of Related Midwest, expressed his enthusiasm for the project, calling the Waterview a “tremendous development opportunity” for their firm.
“Chicago’s rental market is strong and demonstrating healthy rent growth,” Bailey said last November. “111 West Wacker Drive offers an ideal location for best in-class rental product.”
Bailey still shares the same sentiment now, as Related Midwest is set to sell 500 unsold condominium residences in the South Loop’s Museum Campus at 1201 South Prairie Avenue, 1629 South Prairie Avenue and 1901 South Calumet Avenue.
“We want to take advantage of the market turnaround and the limited inventory of new product. These condos have really maintained their value,” said Bailey in our cover story.
Though there’s no word yet on when sales for the Waterview Tower will begin, official sales for the 500 unsold condominiums in the South Loop are slated for early next year.
To read our cover story on Related Midwest’s newest venture, click here.