The project is decidedly scaled back from its original design as a 92-story hotel/condo tower, which would have been the seventh tallest structure in the United States. Ever since financial issues stalled the project in December 2007, the current building has been little more than a 25-story concrete shell.

Last July, Related Midwest announced they, along with 28 subcontractors, had acquired the property. According to Reilly, “They propose a building of a completely new design that will repurpose the existing structure into a luxury rental tower to better suit the current residential market.”

Under the new plan, the 59-story, 950,000 square foot building will house 506 apartments, retail space on the first floor, 439 parking spaces, an indoor pool, sun deck, and fitness facilities.

(Left) The 16th floor plan shows studio, one-bedroom, and two-bedroom apartments facing north and east, and a dog run in the southwest corner. The average unit size is 830 square feet. Three-bedroom units will also be available. (Click on image to view larger version.)

Handel Architects LLP, with offices in New York and San Francisco but not Chicago, also designed the National September 11 Memorial in New York.

It is estimated the project will create 850 union construction jobs, 120 permanent jobs to manage 111 West Wacker Drive, and once completed, 800 people will live in the building. On its website, Related says the “anticipated completion date” is 2014.

The revised plan will be presented to the Chicago Plan Commission on June 21.

(Below) View of the lower floors. (Click on image to view larger version.)