New commercial real estate planned for downtown Chicago

As a result of difficult financial times over the course of the past few years, the development of commercial real estate has all but stopped in cities throughout the United States, including Chicago. That period in the Windy City may now be coming to an end. Plans for six new office towers to be located within the Loop central business district have recently been introduced.

The development of commercial real estate can be complicated and entails navigating many different legal matters. While several of the projects appear to be working on matters such as financing, two of them are planning on getting started this year. Known as River Point and Wolf Point, both will be situated in the northwest quadrant of the Loop, on the Chicago River.

River Point is slated to have between 45 and 50 stories comprised of between 900,000 and 1.1.million square feet. Included in the site plan is a public park. The executive president of one of the developers working on the project indicated the city of Chicago is currently deemed to be a good investment opportunity. This is due to the recent job rate growth.

The second project that is expected to begin before the end of the year is expected to take 10 years total to complete. Wolf Point is being described as three million square feet of mixed use development which will be distributed throughout three towers. Construction on the residential tower will be completed first, followed by the office towers.

Though both projects have several developers behind them, they happen to share the real estate company Hines. According to chief executive for Midwest operations for Hines, the business believes these projects are good ones in part due to the fact that both will provide "large contiguous blocks of space," which are currently at a premium in the downtown area.

Source: The New York Times, "Chicago Attracts New Towers With River Views," Robert Sharoff, July 10, 2012

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