Chicago-based developer Related Midwest is underway on a $500 million multifamily tower on the Chicago River, the largest multifamily project in the country. to break ground in February, according to Dodge Data & Analytics.
The first phase of 400 Lake Shore Drive, located in Chicago’s Streeterville neighborhood, will be consists of a 72-story residential tower, the taller of two similarly designed buildings planned for the site. Expected to open in early 2027, the North Tower will be 858 feet tall.
The site, at the intersection of the Chicago River and Lake Michigan, was originally slated for the Chicago Spire Tower, a 2,000-foot skyscraper that would have been the tallest building in the United States In that moment. Construction began in 2007 and stopped in 2008 during the Great Recession, according to NBC 5 Chicago.
The abandoned project left a large gaping hole in the ground for 16 years. Co-contractors LR Contracting, Related Midwest’s in-house contracting firm, and Chicago-based BOWA Construction filled the hole in February of this year; the 12-hour process required 470,000 gallons of concrete and included the removal of 3 million gallons of water and 20 million pounds of debris, according to Related.
The towers at 400 Lake Shore will sit on either side of a new 4.5-acre public green space.
Permission granted by The Related Cos.
Once completed, the north and south towers at 400 Lake Shore will add a total of 1.1 million square feet of residential space in approximately 1,135 units. The North Tower will contain 635 units, 127 of which will be designated as affordable.
Both buildings, designed by the Chicago office of Skidmore, Owings & Merrill, taper at the top floors to frame the lake views and slope toward the city skyline, according to the developer. The metallic details of the exterior facade are designed to evoke the surface of Lake Michigan.
“As the birthplace of the skyscraper, Chicago deserves development that is rooted in history, but also forward-looking,” said Ann Thompson, executive vice president of architecture and design at Related Midwest, in a news release.
A new 4.5-acre public green space will be built between the two buildings, including the 3.3-acre DuSable Park on a site that was the home of Chicago founder Jean Baptiste Point DuSable. Other amenities between the towers will include a two-story podium and public art exhibits.
The development will also include the completion of Founder’s Way on the Chicago Riverwalk, extending the pedestrian path to Lake Michigan.
