Construction starts of Wolf Point East
Loop North News

Pelli Clarke Pelli Construction starts of Wolf Point East

(Left) Rendering from September 2016 of Wolf Point East (center) by architecture firm Pelli Clarke Pelli. Franklin Street Bridge at lower right. (Click on image to view larger version.)

29-Jun-17 – Construction is underway of the second tower on Wolf Point, a 60-story 698-unit luxury apartment building, the developer, Hines, announced on Wednesday.

Wolf Point East emerged from Chicago Plan Commission hearings last October 90 feet shorter and taking up less area than originally designed. A restaurant in the building was moved to make it more accessible to the neighborhood, at the request of 42nd Ward Alderman Brendan Reilly.

Before Wolf Point East was reduced in size, Houston-based Hines estimated the cost to build was $360 million. It will still be taller and contain more units than the 48-story 509-unit Wolf Point West, which cost $160 million.

Hines says there is “intense demand” for high-end residential units along the Chicago River. When construction is finished in late 2019, Wolf Point East will offer “permanent, protected views” down the main and south branches of the river.

“Our goal at Wolf Point has always been to create long-term value for Chicago and its residents,” said Christopher Kennedy, chairman of Joseph P. Kennedy Enterprises, Inc., owner of the 3.85 acres near the confluence of the Chicago River’s three branches. “Wolf Point East furthers our investment in the city and contributes to the evolution of one of its most exciting amenities, the river.”

(Right) Christopher Kennedy speaks at the Wolf Point West ribbon cutting on June 15, 2016.

Photo by Steven Dahlman

AFL-CIO Building Investment Trust is investing in this building, too, as they did with Wolf Point West. Developers have obtained a construction loan for about $200 million from Bank of America Merrill Lynch, Ullico, Citizens Bank, and ING Real Estate Finance.

The second tower will include retail space on the ground floor. A building permit issued on June 21 for the foundation specifies six basement parking levels.

Eventually, the development will include a 950-foot south tower with a mix of office, retail, and residential space.

 Previous story: Revised vision of second Wolf Point tower ready for presentation to city

By Steven Dahlman | Loop North News | sdahlman@loopnorth.com

Published 29-Jun-17 2:21 AM

Loop North News

FREE WEEKLY EMAIL UPDATE

What’s news in the Loop and Near North neighborhoods of downtown Chicago.

Signup for our weekly email. No ads and no charge. Just enter your email address here...

Number of subscribers:
See this week’s update

More stories


Today
Enjoy a discussion with authors A.J. Finn and Gillian Flynn (Gone Girl), in conversation about Finn’s hotly anticipated debut novel, The Woman in the Window, recently selected for the exclusive Book of the Month Club. 6:00 p.m., American Writers Museum, 180 North Michigan Avenue, 2nd Floor. Map. More info.

Today
Museum of Contemporary Art presents the first solo museum exhibition of Chicago-based artist Paul Heyer. In his most immersive installation to date, Heyer creates a multisensory, dream-like realm that combines his ethereal paintings and sculptures with ASMR (autonomous sensory meridian response) sounds that trigger euphoric feelings in the visitor. Museum of Contemporary Art, 220 East Chicago Avenue. Map. More info.

Wednesday
River North Business Association Business After Hours networking event at Katana Chicago. With its distinctive energy and style, Katana is the perfect setting for RNBA to celebrate the new year. Bring plenty of business cards for this fantastic night of networking! 5:30-7:00 p.m., Katana, 339 North Dearborn Street. Cost: $40. Map. More info.

More events

Biggest Gainers & Losers

JONES LANG LASALLE INC.
151.74 2.13

AON PLC
134.54 2.01

HYATT HOTELS CORP.
76.97 1.96

ENVESTNET INC.
52.80 1.10

Downtown Chicago Stocks