News today that the Kennedy family and partner Hines Interests are putting the 48-story Wolf Point West tower up for sale came with a second exciting bit of information: the next phase of the project—an even taller residential development—is gearing up to start this spring. According to Crain’s, the 66-story riverfront tower known as Wolf Point East is on track to break ground in May. The planned 660-foot luxury rental building comes from design firm Pelli Clarke Pelli with Pappageorge Haymes serving as local architect of record. It will contain roughly 700 rental units.
Meanwhile, the sale of the bKL-designed Wolf Point West tower, that welcomed its first renters roughly one year ago, should provide the development team with a sizable chunk of cash. Offering unparalleled views of the Chicago River and luxury amenities such as a golf simulator, the building is expected to “get record pricing” according to one expert speaking with Crain’s. The sale will also serve as a decent litmus test to gauge the overall health of the booming—but possibly slowing—high-end downtown luxury rental market.
In addition to the glassy eastern tower, an expanded landscaped riverwalk is part the second phase of the Wolf Point development. A new southbound, contra-flow lane of traffic created on Orleans Street between Kinzie and Wolf Point Plaza will also better link the peninsula to the expressway. A third, even taller mixed-use southern tower is planned and eventually round-out the development site. That future phase will require a trip back before the Chicago Plan Commission sometime after phase 2 wraps up.
- Kennedys seek buyer for Wolf Point apartment tower [Crain’s]
- Downtown Alderman: Wolf Point East tower will rise 660—not 750—feet [Curbed Chicago]
- A First Look Inside Chicago's New Wolf Point West Tower [Curbed Chicago]