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The Chicago Department of Buildings issued a construction permit to The Howard Hughes Corp. to begin foundation work on its office tower at 110 North Wacker, the former GGP headquarters site. The work covered under the permit is valued at $40M.
The work calls for construction of the foundation, ground-floor slab and first four floors of the 54-story tower, street-level retail and two below street grade levels of parking, capable of accommodating 110 cars.
Howard Hughes is partnering with Riverside Investment & Development on the 800-foot-tall tower, which is designed by Goettsch Partners. The building will add 5M SF of rentable office space to the Central Business District's Class-A office inventory. The 1-acre site will be redeveloped to include a terrace riverwalk and green space. Because the size of the project required a zoning change, Howard Hughes and Riverside are contributing $19.6M to the city's Neighborhood Opportunity Fund, which is used to fund commercial corridor improvements in underserved neighborhoods.
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