Related Midwest has received more than $500 million in construction financing to kickstart the first phase of their massive two-tower development project at the former Chicago Spire site, as first reported by Crains.
The initial stage of the 400 Lake Shore development project reportedly involves the construction of a 72-story, 635-unit apartment building on the northern section of the site. The project also includes the establishment of DuSable Park and a pedestrian path joining the Chicago Riverwalk to Lake Michigan.
High-interest rates have put a stop to several Chicago real estate development projects in recent years, making the financing of the two-tower skyscraper project all the more noteworthy.
"I think because of the lack of construction in the city right now, this will be a great symbol to the city…a very large important building getting built in a very important site with a large affordability component to it," Bailey told Crain's.
Plans for the two-tower complex were first revealed in 2018, aiming to repurpose the long-abandoned location of the ill-fated Chicago Spire. Construction on the new towers is underway, with the first tower expected to be finished by 2027.
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