Southbank, a seven-acre masterplan by Lendlease, has already taken shape in the South Loop with the construction of The Reed and The Cooper, two luxury residential high-rises, plus a two-acre park and a riverwalk. But in late May, the Australia-based developer announced it is pulling out of all United States developments.

Lendlease’s New York and New Jersey construction operations were quickly acquired by Consigli Building Group Inc., according to Engineering News-Record, and the company will sell its Chicago projects outright. That includes Southbank as well as Lakeshore East.

The news came just days after the next phase of the Southbank — a 40-story tower — was approved by the city.

Lendlease applied for foundation permits late last year and recently, and Chicago’s Department of Planning and Development gave the site plan a go-ahead on May 22.

A rendering of the potential structure at 680 S. Wells St. by local firm FitzGerald Associates, via YIMBY

Located at 680 S. Wells St., this unnamed tower would rise to 430 feet. It would also feature a large lobby, a retail space along Wells Street, a pedestrian walkway to its south and an amenity floor with a large outdoor deck, similar to The Reed’s, plus an above-ground parking garage with 239 spaces.

Additionally, the site plan calls for a new private drive between the tower and the Alta Grand Central apartments (to the north), connecting the structure to Wells Street and, eventually, to the final two buildings planned for the Southbank development.

Lendlease declined to provide additional comment.