By Natalie Terchek
Today, Related Midwest held a ceremony commemorating the re-start of the construction of 111 West Wacker Drive. The site will become a 60-story tower with 504 luxury apartments and ground-level retail. The Silver LEED designed development is said to bring more than 900 construction jobs to Chicago and represents a visible recovery of the real estate market in one of Chicago’s most prominent locations.
The Past and Future of 111 West Wacker Drive
Formerly known as the Waterview Tower, construction for 111 West Wacker Drive began in 2006, but it was forced to stop due to the recession in 2008. It was supposed to be a 92-story building of 223 condominium and penthouse units and 200 hotel rooms. But for the past four years, it was known as an unfinished, 28-floor “skeletal structure” that reminded Chicagoans of the recession.
The re-start of the construction will hopefully be a symbol of recovery.
“We are thrilled to restart construction on 111 West Wacker and transform this long looming eyesore into the premier luxury rental tower on the Chicago River,” Curt Bailey, President of Related Midwest, said.
Related Midwest acquired the property in July of 2011. This $180 million project will be a joint venture between Real Estate Recovery Fund (RRERF) and Clark Wacker LLC.
The construction on 111 West Wacker Drive is expected to be completed in April of 2014.