Perhaps the clearest signal that the construction economy is back on its feet is the several high profile tower projects along the Chicago River. The most interesting among them is River Point, a 52 story commercial highrise project nestled right at the confluence of the river at Lake Street and Canal. There aren't too many commercial towers in the pipeline, but what makes River Point stand out is the amazing river views it will offer to prestigious tenants willing to pay for the privilege.
The tunnel and plaza built over the Amtrak and Metra tracks are already completed, but where does the project stand now? Construction watchers are sure to have noticed that there hasn't been any movement at the site in months.
Well, don't worry. The construction was always intended to take place in two phases: one to build the plaza that covers the train tracks, and an entirely separate project to build the tower itself. Clark Construction had the contract to build the plaza, but the commission to build the tower was only recently put out to bid. We're hearing that Lend Lease Project Management & Construction has been selected to construct the tower, and while we haven't heard about a start date for construction we have no reason to suspect any delays from the anticipated 2016 completion date.
Though still years from opening their doors (or having doors to open), co-investors Ivanhoé Cambridge and Hines are having no problem securing tenants for their hypothetical building. Signed leases have already been announced with Servecorp, DLA Piper, and McDermott Will & Emery. In fact, the 1.05 million rentable square foot, 730-foot building is already over 40% leased.
While access to this modern tower may be restricted to the high-end tenants who can afford it, the 1.5 acre park/plaza along the river and 560 feet of new riverwalk will be open to the public, per an agreement with the city's parks department.
· River Point Chicago[Official]