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Related Midwest has successfully obtained over $500 million in construction funding as it starts construction on the first phase of its massive project consisting of two towers on the former Chicago Spire Site. This represents a milestone in a development that will bring about changes, to the skyline along the city’s lakefront.
The first phase of the project at Chicago Spire Site involves constructing an apartment building, with 72 stories and 635 units on the part of location, at 400 N. Lake Shore Drive. Additionally, it includes the awaited development of DuSable Park and the creation of a walking path that connects the Chicago Riverwalk to Lake Michigan.
The project, known as 400 Lake Shore is receiving support through tax bonds, from the Illinois Housing Development Authority. These bonds were acquired from lenders, including Wells Fargo as mentioned in property records of Cook County and documents from IHDA. Apart, from that Related Midwest and other partners are also contributing capital to the development. However, Curt Bailey, the President of Related Midwest has chosen not to disclose the amount or estimated total cost of the project.
The Chicago Spire site developers’ impressive accomplishment lies in their success in securing financing, for the project despite the challenges posed by interest rates. These rates have hindered projects making it challenging for developers to obtain construction loans for large-scale endeavors such, as this one.
“I believe that due to the absence of construction in the city, this would serve as a symbol for our community. A towering crane in a space visible from all corners overseeing the development of a noteworthy building on a site with a strong emphasis, on affordability “Bailey expressed. |
