10M SF Of Mixed-Use Planned For South Loop Site
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The South Loop near the Chicago River will have cranes in the air for the foreseeable future. CMK is building Riverline near Harrison Street and the river, and Related Midwest unveiled plans last weekend for 62 acres along the river, between Roosevelt Road and 18th Street, according to the Chicago Tribune.
Befitting such a large plot of land, Related's plans for the site are massive and will eventually link the South Loop to Chinatown, with more than 10M SF of residential, retail, hotel and commercial use. The project would also facilitate improvements to the area, including new CTA and Metra stations and a multi-purpose riverwalk, and will integrate the city's planned Wells-Wentworth Corridor into the development. The project is estimated to cost $5B over a 20-year period, with the tallest structures rising over 50 stories.
Related Midwest, which has been busy with major projects such as One Bennett Park and the Lathrop Homes redevelopment, bought the South Loop site last May. The site used to be owned by Tony Rezko, a fundraiser for disgraced former Gov. Rod Blagojevich. Rezko was convicted on corruption charges in 2008. Related's bid to buy the site was temporarily held up after a judge ruled a partner in the deal, Nadhmi Auchi, willingly scammed another partner out of profits owed in a previous deal.