CRE Midwest

Related Midwest resumes construction of 111 W. Wacker Drive

Chicago Alderman Brendan Reilly of the 42nd Ward and Commissioner Andrew Mooney, of the Chicago Department of Housing and Economic Development, joined Related Midwest Nov. 1 to officially commemorate the construction re-start of 111 W. Wacker – the site of the former Waterview Tower.

Chicago Alderman Brendan Reilly of the 42nd Ward and Commissioner Andrew Mooney, of the Chicago Department of Housing and Economic Development, joined Related Midwest Nov. 1 to officially commemorate the construction re-start of 111 W. Wacker – the site of the former Waterview Tower.

Once completed, the site will house the premier rental property on the Chicago River between the Loop business district and River North submarket. The Silver LEED designed tower will also bring more than 900 new construction jobs to Chicago. The development is scheduled to be complete in the spring of 2014.

111 W. Wacker is the site of the former Waterview Tower, planned to include a Shangri-La Hotel and luxury condominiums. In 2008, construction reached the 28th floor but has been stalled ever since. Related Real Estate Recovery Fund (RRERF) acquired the property in July 2011 in a joint-venture partnership with Clark Wacker LLC. RRERF is a distressed real estate fund focusing on the acquisition of distressed loans that were originated for new development, property conversion and renovation, as well as equity positions in properties that require significant repositioning utilizing Related’s diverse real estate expertise. Related Midwest is redeveloping the property and has re-commenced construction.

Related Midwest partnered with New York-based architect Handel Architects, Chicago-based Epstein, Kara Mann Design, and general contractor Lend Lease U.S. Construction to restart construction. The 950,000-square-foot building will include 504 luxury rental units – studios, convertibles, one-, two- and three-bedrooms – with amenities and services, and more than 400 parking spaces. The building will also include a restaurant and retail spaces accessible from the street level.