A model of the new 45-story River Point office tower, to be built at Lake and Canal streets, at the head of the Chicago River. (Credit: CBS)
CHICAGO (CBS) On his first anniversary as Chicagos Mayor, Rahm Emanuel and developers have announced a new office building to be built in the West Loop, the first in several years.
Chicagos economic recovery is the reason I want to emphasize it the reason we are here today, said Kevin Shannahan, CEO of Hines Interests LP, the developer of the new skyscraper.
WBBM Newsradio Political editor Craig Dellimore reports Hines and Ivanhoe Cambridge will build a new sleek 45-story office tower at Lake and Canal Streets, where the Chicago River splits into its north and south branches.
LISTEN: WBBM Newsradio Political Editor Craig Dellimore reports
The mayor said the new River Point tower will create 1,000 construction jobs, followed by 3,400 permanent jobs inside the skyscraper once its completed.
While its on my one-year anniversary, I think its actually an anniversary for the city, in a sense of the vote of confidence, and the jobs that will be created, the economic opportunity that will be created, and I think the growth that will become from this investment, the mayor said.
The city is providing a $29 million tax subsidy to assist in construction of a 1.5 acre riverfront sculpture park that Emanuel said will be open to the public, and built over the Metra tracks just east of the tower.
This is just for the park, and the riverfront property. The building is separate. Thats their investment, Emanuel said. This property will pay, over 15 years, $175 million in taxes.
Kevin Shannahan, CEO of Hines Interests LP, said the citys economic recovery under Emanuel is the reason this long-planned project is going forward now.
Here is the original post:
Mayor Announces New Riverfront Office Tower
- MVRDV Reveals Construction Progress of the Terraced LAD Headquarters in Shanghai - ArchDaily - May 27th, 2024 [May 27th, 2024]
- Construction begins on 4-story office building in Rogers' Pinnacle Hills area - talkbusiness.net - May 27th, 2024 [May 27th, 2024]
- Office, retail at Friscos Fields West slated for construction later this year - The Dallas Morning News - May 27th, 2024 [May 27th, 2024]
- Novo Nordisk office building 'not able to be saved' after company's 2nd fire in a week - FiercePharma - May 27th, 2024 [May 27th, 2024]
- Former Martin Tower site construction begins on two medical office building | PHOTOS - The Morning Call - May 27th, 2024 [May 27th, 2024]
- MN lawmakers consider $8.5 million renovation to tunnel connecting State Office Building, Capitol Minnesota Reformer - Minnesota Reformer - March 5th, 2024 [March 5th, 2024]
- Medical Office Building Report | CommercialSearch - CommercialSearch - March 5th, 2024 [March 5th, 2024]
- MN lawmakers consider $8.5 million renovation to tunnel connecting State Office Building, Capitol - Voice Of Alexandria - March 5th, 2024 [March 5th, 2024]
- Office space opens in redeveloped historic building in Greenville's East Park District - GSA Business - March 5th, 2024 [March 5th, 2024]
- China seeks ways to revive slowing economy and salvage property market as annual congress convenes - The Associated Press - March 5th, 2024 [March 5th, 2024]
- Digital Signage to Wrap Around Sunset Strip Office Building - The Real Deal - March 5th, 2024 [March 5th, 2024]
- A Rainbow Office Building Brightens Up the Tokyo Streets with Prismatic Color Colossal - Colossal - March 5th, 2024 [March 5th, 2024]
- Construction begins on The Central development in St. Petersburg - Tampa Bay Times - March 5th, 2024 [March 5th, 2024]
- Construction Begins on Apartment Building in Old Town Alexandria - Alexandria Living Magazine - March 5th, 2024 [March 5th, 2024]
- Edinburgh's Stamp Office building unveils modern face-lift - Scottish Construction Now - March 5th, 2024 [March 5th, 2024]
- The Dig: We bet you're not reading this at the office - Outlier Media - March 5th, 2024 [March 5th, 2024]
- The Franklin, a 1917 home redeveloped into offices, opens in downtown Greenville - UPSTATE BUSINESS JOURNAL - Upstate Business Journal - March 5th, 2024 [March 5th, 2024]
- Work Continues on King Construction Fabrication Center, Office Building - Machias Valley News Observer - January 13th, 2024 [January 13th, 2024]
- Olsson moves into new office building in Fayetteville - talkbusiness.net - December 28th, 2023 [December 28th, 2023]
- Bizzi+Bilgili, Eric Schmidt, Partner Nab Office Project Loan - The Real Deal - December 28th, 2023 [December 28th, 2023]
- Developer To Transform Century-Old Office Building Into Residence Inn - CoStar Group - December 28th, 2023 [December 28th, 2023]
- Capitol campus makeover begins with State Office Building renovation - Star Tribune - December 11th, 2023 [December 11th, 2023]
- 'Raise that beam': Folsom Medical Office Building frame complete - UC Davis Health - December 11th, 2023 [December 11th, 2023]
- Construction nearing on State Office Building expansion, renovation - KSTP - December 11th, 2023 [December 11th, 2023]
- Uptown office building on track to open by spring 2024 - Albuquerque Business First - The Business Journals - December 11th, 2023 [December 11th, 2023]
- Deal cues up new mixed-use project in downtown Kissimmee. Here's what we know. - The Business Journals - December 11th, 2023 [December 11th, 2023]
- Construction Begins on MOB and Two Retail Buildings at Nine Mile Corner in Erie - Mile High CRE - January 25th, 2022 [January 25th, 2022]
- Construction on New FBI Office in Lexington Advances FBI - Federal Bureau of Investigation - January 25th, 2022 [January 25th, 2022]
- New Apple campus construction in northwest Austin coming together - KVUE.com - January 25th, 2022 [January 25th, 2022]
- Designed by RODE Architects, Construction Starts on Boston's Largest Supportive Housing Development in Jamaica Plain - Boston Real Estate Times - January 25th, 2022 [January 25th, 2022]
- The Wauwatosa high-rise tower was approved by a city board Thursday. Construction will likely begin this September - Milwaukee Journal Sentinel - January 25th, 2022 [January 25th, 2022]
- Sterling Bay to break ground by 3Q on Lincoln Yards project - The Real Deal - January 25th, 2022 [January 25th, 2022]
- Sault Ste. Marie had a bust-out year for construction in 2021 - Northern Ontario Business - January 25th, 2022 [January 25th, 2022]
- daaz office wraps a 'playful shell' around this school in rural iran - Designboom - January 25th, 2022 [January 25th, 2022]
- Construction of $65M sewer project aimed at ensuring continued water safety - Dayton Daily News - January 25th, 2022 [January 25th, 2022]
- Assembly committee briefed on City Hall options - kinyradio.com - January 25th, 2022 [January 25th, 2022]
- Lendlease on the move in West Adams - The Real Deal - January 25th, 2022 [January 25th, 2022]
- Interest in office space down as new building construction slows markedly - Radio Prague - December 28th, 2021 [December 28th, 2021]
- NYC developers poised but hesitant to break ground on slew of projects - New York Post - December 28th, 2021 [December 28th, 2021]
- Who's building in Wilmington? Pet crematory, Red Cross St. apartments, Riverlights townhomes among plans - Port City Daily - December 28th, 2021 [December 28th, 2021]
- U.S. Customs and Border Protection authorized to clean up wall construction sites, close gaps - KTLA - December 28th, 2021 [December 28th, 2021]
- SF has a slew of mega housing projects on track for 2022. Here's what it could mean for the city - San Francisco Chronicle - December 28th, 2021 [December 28th, 2021]
- First special economic zone IT office space of Taurus by November 2022 - The New Indian Express - December 28th, 2021 [December 28th, 2021]
- Permanent home: Knowledge Services owners move business to new headquarters in Fishers Current - Current in Carmel - December 28th, 2021 [December 28th, 2021]
- Remembering the startups we lost in 2021 - TechCrunch - December 28th, 2021 [December 28th, 2021]
- What was Greater Fall River's biggest story of 2021? Use this form to cast your vote - Fall River Herald News - December 28th, 2021 [December 28th, 2021]
- Final roar for Vancouver Red Lion Inn at the Quay - The Columbian - December 28th, 2021 [December 28th, 2021]
- Walmarts new Home Office is the largest mass timber ... - November 4th, 2021 [November 4th, 2021]
- LMN Architects completes new office building in the US - DesignBuild Network - November 4th, 2021 [November 4th, 2021]
- Bottleworks' second phase moving ahead with no residential but greater emphasis on office space - Indianapolis Business Journal - November 4th, 2021 [November 4th, 2021]
- Bamboo Farm Office: Headquarters of a Prototype Farm Growing Sustainable Construction Materials / Ingvartsen Architects - ArchDaily - November 4th, 2021 [November 4th, 2021]
- New Minot City Hall design approved, bids for construction to begin soon - KX NEWS - November 4th, 2021 [November 4th, 2021]
- Yet another delay in Washington post office's construction? - Rappahannock News - November 4th, 2021 [November 4th, 2021]
- Downtown business dominoes are falling thanks in part to ongoing multi-unit housing construction - KGET 17 - November 4th, 2021 [November 4th, 2021]
- With nearly $50M in sales booked, developer begins work on phase two of luxury tower - Business Observer - November 4th, 2021 [November 4th, 2021]
- Governor Hochul Announces Progress on $38 Million Affordable Housing Development in Rochester - Homes and Community Renewal - November 4th, 2021 [November 4th, 2021]
- Swinerton VP: Construction tech just another tool for workers to wield - Construction Dive - November 4th, 2021 [November 4th, 2021]
- Ask the R-S mailbag: $10 million in traffic improvements needed for new Bethel campus - Record Searchlight - November 4th, 2021 [November 4th, 2021]
- As CTC winds down its 2021 slate, its future looks bigger than ever literally - The Independent - November 4th, 2021 [November 4th, 2021]
- HATCHspaces and NexCore Group JV Expand Their Partnership With a New 100000 SF Lab-Enabled Office Project Along the Expo Light Rail Line in West Los... - November 4th, 2021 [November 4th, 2021]
- Building, construction, and design roundtable - Utah Business - Utah Business - February 9th, 2021 [February 9th, 2021]
- New office building will anchor Allen mixed-use project - The Dallas Morning News - February 9th, 2021 [February 9th, 2021]
- Amazon unveils design for the second phase of its Virginia HQ - Construction Specifier - The Construction Specifier - February 9th, 2021 [February 9th, 2021]
- Not Another Future of the Office Article - Propmodo - February 9th, 2021 [February 9th, 2021]
- Who's building where in Acadiana? Here are the building permits issued Jan. 25-29 - The Advocate - February 9th, 2021 [February 9th, 2021]
- Illustrating the Impact of Project Commodore, Midtown's Future Tallest Building, on the New York Skyline - New York YIMBY - February 9th, 2021 [February 9th, 2021]
- COVID-19 has given Dallas-Fort Worth one of the highest office vacancies in the nation - The Dallas Morning News - February 9th, 2021 [February 9th, 2021]
- Bostons in a lab-building boom. What will that mean for the city and its neighborhoods? - BetaBoston - February 9th, 2021 [February 9th, 2021]
- 96-Acre Logistics Center with Up to 900,000 Sq. Ft. of Warehouse Space Planned for Curtis Bay - SouthBMore.com - February 9th, 2021 [February 9th, 2021]
- Global EPDM (Ethylene Propylene Diene Monomer) Market Report 2020: Market to Reach $8.7 Billion by 2027 - Focus on Automotive, Building &... - February 9th, 2021 [February 9th, 2021]
- Top 10 LEED-Certified Buildings in Texas in 2020 - Commercial Property Executive - February 9th, 2021 [February 9th, 2021]
- "Mrs. Henderson worked with architects Paul J. Pelz and Jules T. Crow to propose the construction of a large mansion for the chief executive atop... - February 9th, 2021 [February 9th, 2021]
- Springdale council to consider votes to spend $1.5 million more for city hall project - Arkansas Online - February 2nd, 2021 [February 2nd, 2021]
- Governor Cuomo Announces $30 Million in Awards to Finance Construction and Services for 1200 Supportive Housing Units - ny.gov - February 2nd, 2021 [February 2nd, 2021]
- U.S. Embassy in New Delhi breaks ground on expansion - Building Design + Construction - February 2nd, 2021 [February 2nd, 2021]
- Construction financing secured for two Union Square assets in Somerville - Boston Real Estate Times - February 2nd, 2021 [February 2nd, 2021]
- New creative office space completes in Silicon Beach - Building Design + Construction - January 30th, 2021 [January 30th, 2021]
- Perkins&Will reimagines an earthquake-battered Anchorage office building as a glacier-like landmark - The Architect's Newspaper - January 30th, 2021 [January 30th, 2021]
- Pandemic Leads to Sharp Pullback in Commercial and Multifamily Construction Starts in 2020 - Construction.com - January 30th, 2021 [January 30th, 2021]
- New construction to bring clinic, lab, car wash, homes - Shawnee News Star - January 30th, 2021 [January 30th, 2021]