According to Crain's, developer Hines Interests, along with Ivanhoe Cambridge and Larry Levy, has landed financing for 444 West Lake and plans to begin construction shortly. It was just two weeks ago when we reported that the long-dormant proposal, planned for a prime site on the Chicago River, was back in action. The City of Chicago is stepping up with a TIF contribution of $29 million. All of this positive news comes with a significant caveat: It will be a so-called spec building, meaning that construction will proceed before any tenants have been secured. This will be the first downtown office tower to go skyward since 353 North Clark, which was completed in 2009. Hines, a highly-experienced developer with a proven track record, hopes to appeal to large tenants who require more space than is available on the current market. And with 900,000 square feet to fill in the 45-story tower, they better come out of the gates running. Stay tuned for more updates!
·Hines set to kick off 45-story office tower [Crain's]
·Chicago chipping in $29M in TIF funds for Hines tower [Crain's]
·Tower Once Planned for Prominent Riverside Site Back from the Dead [Curbed Chicago]