CHICAGO (WBBM NEWSRADIO) — For the past 15 years, the site of the proposed 150-story Chicago Spire has been nothing more than a massive hole in the ground — but that’s about to change. On Wednesday, developer Related Midwest announced that work has begun to build its massive residential project 400 Lake Shore on the lakefront site.
The development, once complete, will include two residential towers right where the Chicago River meets Lake Michigan. Officials said it will include 635 residences, 20% of which will be designated affordable.
Phase One of the construction, currently underway, will revolve around the North Tower, which will be nearly 900 feet tall.
The North Tower is expected to be completed and move-in ready by early 2027.
According to Crain’s Chicago, work began after Related Midwest secured $500 million in construction financing. Crain’s reported that the financing came, in part, from tax-exempt bonds that the Illinois Housing Development Authority purchased from Wells Fargo and other lenders.
In addition to the 72-story apartment building, Phase One will involve the construction of DuSable Park and the completion of a pedestrian path that will connect the riverwalk to Lake Michigan.
“In total, 400 Lake Shore will feature 4.5 acres of public land, including a plaza between the towers with amenities, a two-story podium and public art,” Related Midwest officials wrote in a press release.
Designed by the Chicago office of Skidmore, Owings and Merrill with David Childs, the towers will reflect some of Chicago’s architectural history and geography.
“This includes reimagining the iconic ‘Chicago window’ — a bay window design that is a hallmark of the city’s historic architecture — as a shallow bay of floor-to-ceiling glass,” wrote Related Midwest. “The towers taper down in plan to frame a view of the lake while angling back toward the cityscape.”
Ann Thompson, executive vice president of architecture and design at Related Midwest, said in the release that Chicago, as the birthplace of the skyscraper, “deserves a development that is rooted in history but also forward thinking.”
WBBM's Rob Hart contributed to this report.
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