Governer Pat Quinn Praises 111 West Wacker Drive Development and Workers
- Mar 28, 2014
As the long awaited 111 West Wacker Drive project gets closer to completion, which is scheduled for this summer, Governor Pat Quinn recently saluted the developers and workers.
As previously reported by Commercial Property Executive, the long-stalled Chicago project was acquired by Related Midwest in 2011. The project had been stagnant since 2008 but Related Midwest secured $115 million in construction financing from U.S. Bank in 2012 and re-launched the development.
Originally envisioned as a 90-story tower featuring upscale for-sale residences and a Shangri-La hotel by its previous owner, Waterview L.L.C., 111 West Wacker Drive has been reimagined by Related Midwest as a LEED Silver 60-story ultra-luxury residential tower. The architect of the project is New York-based Handel & Associates LLP and the interior designer is Chicago-based Kara Mann Design.
“This development is further proof that Illinois is making a comeback,” Quinn says. “After stalling during the worst recession since the Great Depression, today this monumental project is back on track and has employed more than 1,000 skilled workers. This is what happens when the state’s business climate encourages private investment and creates good jobs for Illinois’ hardworking men and women.”
Situated on the corner of Wacker Drive and Clark Street, the 950,000-square-foot development will feature 504 rental units, 440 parking spaces and street-level restaurant and retail offerings. The project has employed over 1,000 skilled construction workers for a total of 510,000 hours to date, twenty-five will be permanently employed upon completion of the building and another 100 service providers will service the building.
“The transformation of this site into one of Chicago’s finest, new apartment buildings has been a long but very rewarding journey,” says Related Midwest President Curt Bailey. “I could not be more proud of the dedicated and extremely talented workers who have helped us create a best-in-class building for a world-class city. We are very excited to unveil 111 West Wacker to Chicago and help establish the Loop as one of the most desirable residential neighborhoods in the city.”
Rendering Courtesy of: www.relatedmidwest.com