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Stalled Waterview Tower Could Get New Life As Office Building

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This can only be a good thing: A Chicago developer claims to be "very far along" in his plan to take over the stalled Waterview Tower development on Wacker Drive and convert it into a 60-story office tower. Developer Teng & Associates attempted to build a 90-story high-rise on the site in 2006, but construction stalled in 2008 when Bank of China backed out of the construction loan. Although several developers have expressed interest in the site over the past two years, Mark Goodman has emerged as the top contender, reports Crain's Chicago Business. If the plan does go through, Goodman will enter a race with a handful of other developers who have announced plans to build new office towers in the Loop (although, in a way, he would have a head start, because 26 stories of the Waterview Tower have already been built). The Crain's story says that Goodman would have to sign at least one major anchor tenant in order to secure a construction loan.
· Goodman envisions offices at unfinished Waterview Tower [Crain's]

Waterview Tower

111 West Wacker Drive, Chicago, IL 60601