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Construction to Begin on New Streeterville Condo/Rental Tower

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The Chicago skyline is preparing for one more tall tower to join the crowd. The high-rise project planned for 451 E. Grand Avenue in Streeterville is moving forward, and now has a rough construction timeline. The 67-story One Bennett Park comes from developer Related Midwest and was designed by New York's Robert A.M. Stern Architects. Unlike most towers under construction at the moment, this one will be a combination of rentals and condos. Apartments dominate the construction landscape in Chicago at the moment, with thousands of units currently being built. However, this tower will deliver 65 condos in addition to 280 apartments when it is completed in 2017. The tower will be joined at the ground level by a new 1.7 acre park designed by Michael Van Valkenburgh & Associates, a design firm that has worked on other notable projects such as Maggie Daley Park and The 606. Last week, Related Midwest president Curt Bailey told the Tribune that construction is expected to begin in the coming weeks. And while the exact construction date hasn't been announced, Related tells us today that groundbreaking is "imminent."

When construction does actually begin on the project, this high-rise will be just one of dozens currently under construction in Chicago. Just in the last few weeks, construction has started on at least two more tower projects — the upcoming Viceroy Hotel in the Gold Coast and the 265-unit apartment tower for 215 W. Lake Street in the Loop. However, both the lead architect and landscape architect add some glitz to this particular project. When Related does break ground on the project, the city will have nearly 40 active high-rise construction sites.

·Downtown condo prices rise above peak 2008 levels, report says [Tribune]
·One Bennett Park [Related Midwest]
·City Approves First Robert A.M. Stern Tower for Chicago [Curbed Chicago]
·Streeterville's Robert A.M. Stern Tower to Come with New Park [Curbed Chicago]
·Mapping the 34 Highrises Under Construction in Chicago Right Now [Curbed Chicago]