AFL-CIO BIT Announces Investment in Wolf Point Development; Developer Smoothes Infrastructure Details
- Nov 07, 2012
The AFL-CIO Building Investment Trust recently announced an investment in the proposed Wolf Point Development. The BIT joins Hines, Kennedy Enterprises and the Magellan Development Group in an effort to revitalize the long-stagnating site along Chicago’s river, one of the last prime undeveloped pieces of land around downtown Chicago.
“We are proud to support this significant development here in Chicago. It’s not only a strong investment in this city, but it is an important investment in the hard-working men and women who will help build the project,” said Tom Villanova, President Cook County Building and Trades Council. “The BIT invests in projects that not only create union jobs, but also help to secure the retirements of thousands of our members.”
The proposed three-phase project includes three LEED-certified towers with 1,285 parking space, a residential tower on the western portion and two commercial buildings placed to the south and east. The first phase of the project is a 525-foot tall residential tower that will feature 500 luxury rental units.
The signature development represents a total investment of over $1 billion in the city of Chicago and is expected to create 2,000 construction jobs. Upon completion, the project is expected to generate $40 million annually in new public revenue. The project, which will not use any public incentives, subsidies or tax increment financing, will also provide a major improvement and enhancement of the river walk, a public park and open space. The building coverage will be 22 percent of the total site area.
The Chicago Journal reports that at a recent community meeting held at the Holiday Inn Mart Plaza, Ald. Brendan Reilly said that following discussions with the project’s developers regarding certain details—particularly the traffic studies—the developers have agreed that certain infrastructure changes need to be made in order to support the project.
The changes include the diversion of car traffic from Wolf Point to Orleans Street and various other infrastructure upgrades around the project paid by the developers. The new plans have been submitted to the city, and the developers are awaiting approval in order to start construction on the west tower.
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Rendering Courtesy of: www.wolfpointchicago.com