The Wall Street Journal is reporting that developer Related Midwest recently closed on the sale of the long-stalled Waterview Tower, an unsightly, unfinished building that has marred the Wacker Drive canyon since work stopped in 2008. According to Crain's, the developer plans to add roughly 38 stories to the 27-story base, to produce a 65-story, 500-unit apartment building. Related Midwest, which is also planning to build another 500-unit new-construction apartment building in Streeterville, plans to begin construction on the Waterview building in the first quarter of 2012, however, it hasn't obtained a construction loan yet. At 65 floors, the latest plan for the Waterview site is a far cry from the 90 stories that the original developer, Teng & Associates, sought to build, but it would still be the tallest new building in the current apartment boomlet. What will the completed building look like? And what architect is Related working with? These are still open questions.
· Complete Curbed coverage of the Waterview Tower [Curbed Chicago]
· New Life for Stalled Project [WSJ]
· Developer closes on deal for stalled Waterview Tower project [Crain's]