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Work Begins on $800M Chicago Tower

Thursday, April 16, 2020

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In the midst of the COVID-19 pandemic, development of a new 60-story tower along the Chicago River has begun, after the project secured a $500 million construction loan.

The Project

The Salesforce Tower Chicago is the reportedly the third and final phase of the Wolf Point master plan, a development designed by architecture firm Pelli Clarke Pelli.

Hines

In the midst of the COVID-19 pandemic, development of a new 60-story tower along the Chicago River has begun, after the project secured a $500 million construction loan.

The loan was finalized on April 2, and on April 7, the city issued a $50 million building permit for a “caisson, foundation and structure up to grade level for a new 58-story office building, scope to include foundation and ERS system, below-grade parking levels, and level one floor slab.”

Led by development firm Hines, in partnership with land owner the Joseph P. Kennedy Family, the 820-foot tower aims to include variety of office spaces, a fitness center, a conference center with multiple configurations and capacity sizes, a tenant lounge and commercial retail space, including a variety of food and beverage concepts, according to Hines.

The preliminary work on the 500,000-square-foot site has already begun under the Walsh Construction Company.

The total price tag is expected to land around $800 million and is slated for completion for fall 2022.

   

Tagged categories: Commercial Construction; Condominiums/High-Rise Residential; Good Technical Practice; NA; North America; Ongoing projects

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