Related Midwest is aiming to break ground by early next year on a scaled-back version of its twin-tower megaproject on the former Chicago Spire site.
The Chicago-based developer is trying to address Ald. Brendan Reilly’s concerns over height and traffic concerns by lowering the height of the towers, eliminating the hotel component and instead adding more residential units at 400 Lake Shore Drive.
Related Midwest is now proposing towers rising 875 and 765 feet – with 1,100 residential units between the two – rather than 1,100 and 850 feet, respectively.
Related Midwest wants to start work on the 875-foot tower, with 600 apartments, by early 2021 and complete it by 2024, the Chicago Tribune reported. The tallest tower would be closely followed by the 765-foot tower, with either 500 apartments or condos depending on demand, which will take about three years to complete.
The developer scrapped its plans for a four-story podium with retail and amenities that the buildings were to share and a pedestrian point of entry along the Chicago River. It also reduced the proposed parking spaces from 750 to 300 and made changes to traffic flow and delivery areas, according to the Tribune.
During the meeting, Reilly said much progress has been made, but the project is still subject to approval.
At the beginning of 2019, the $1 billion project claimed the title of biggest filing in the city by square footage and held it throughout the year.
Related Midwest is also working on the 78 megadevelopment in the South Loop. [Tribune] – Brianna Kelly