The official Wolf Point West groundbreaking.

On Friday, July 18, several elected officials, workers, union members and a collection of local leaders, including Michael Carrigan of Illinois AFL-CIO, Mayor Rahm Emmanuel and Chris Kennedy, gathered to commemorate the groundbreaking of the new Wolf Point West, located at 326 New Orleans St.

The tower, which will cost an estimated $160 million and eventually house 48-stories of multifamily space, will be one of three towers that make up the Wolf Point development; Wolf Point West will feature 509 luxury rental units, 400-plus feet of a public river walk and considerable green space, in addition to other amenities. The tower’s groundbreaking marks the first of three new buildings to be built on the Wolf Point site.

Construction has already begun on the Wolf Point development; Friday’s groundbreaking marks the official groundbreaking ceremony for the public, not the groundbreaking to start construction. Initial occupancy for the building is scheduled for the fall of 2015. Dates for the other two towers have yet to be announced, but it is estimated the combined work will create upwards of 2,000 construction jobs and a $1 billion investment in Chicago.

“As a result of Wolf Point, 50,000 residents have been added to the downtown area,” Kennedy said on Friday. “We are adding benefits to support young families, primarily open space.”

The Wolf Point site has been associated with the Kennedy family since about 1945 (or 1946, depending on the source) according to Wikipedia. Property development plans date back for over 30 years – looks like these plans are finally coming together.