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 Rivers 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.
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.