The Construction Industry Service Corporation, otherwise known as CISCO has awarded its residential construction award to the 500 Lake Shore Drive project during its annual Pride in Construction Awards. The project is owned by a joint venture between the AFL-CIO Building Investment Trust (BIT) and Related Midwest LLC. With $52 million dollar already invested by BIT and the remaining funds provided by the venture partner and a 3rd party lender, the project has much to offer.
“The modern façade and design of 500 Lake Shore Drive Tower stood out and punctuated a very quality of project design and construction,” said CISCO executive director Dan Allen. “In addition, our board unanimously selected the Tower as the winning project because of its outstanding community impact involving sustainability, job creation and the collaboration among the many area stakeholders in the region.”
Located one block from Chicago’s infamous Navy Pier, the 45-story apartment tower will represent a $158 million investment. Creating approximately 750 union construction jobs with its 500 units, 430 parking spaces and it’s 80 percent leased.
“At a time when economic challenges persist, 500 Lake Shore Drive offered many hard-working men and women a chance to get back to work,” states Tom Villanova, president of the Chicago & Cook County Building and Construction Trades Council.
Just in the Chicago area alone, BIT has committed over $490 million to 18 projects for the development of 3,200 housing units, and over 2 million square feet of commercial real estate and as well as creating 3,500 construction jobs.
“We are very proud that union job creation is advanced by the collateral policies of the AFL-CIO Building Investment Trust. Development of 500 Lake Shore Drive created hundreds of new, middle-class jobs in Chicago,” states Jorge Ramirez, president of the Chicago Federation of Labor.
President of PNC Reality Investors INC and investment advisor to BIT, Kevin McCathy says, “this is a continuation of our strategy to invest in the development of multifamily rental product, and we expect that we will benefit from strong demographic trends and anticipated rental growth in Chicago.”