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Chicago Has Almost Twice As Many Tower Cranes In The Air Than A Year Ago

Renelle on the River, Chicago
The first units at Renelle on the River will be completed in Q1 2019.

Belgravia Group erected a tower crane on the site of Renelle on the River on Tuesday, marking a milestone in Chicago's construction cycle. It is the 60th tower crane to rise in Chicago this year — the construction pipeline is packed with developments across multiple asset classes. The 60 tower cranes are nearly double the number in the air a year ago.

The 18-story, 50-unit luxury condo development received a full construction permit last month.

Belgravia Group CEO Alan Lev, Chicago Buildings Commissioner Judy Frydland, Chicago Mayor Rahm Emanuel
Belgravia Group CEO Alan Lev and Chicago Buildings Commissioner Judy Frydland look on as Mayor Rahm Emanuel addresses the crowd.

Belgravia Group CEO Alan Lev said half of Renelle's units are sold, thanks in large part to a "virtual reality" model home where buyers can do walk-throughs of the development's units, see the riverfront views that are a selling point of the project and pick out their finishes. 

Lev said Renelle's first units will be completed in Q1 2019. Units are selling between $1.6M and $3.2M.

Mayor Rahm Emanuel and Chicago Buildings Commissioner Judy Frydland were on hand for the news conference Tuesday.