Chicago — Hines, an international real estate firm, announced start of construction on the 60-story, 698-unit Wolf Point East luxury apartment tower. Wolf Point East represents the second phase of the overall Wolf Point Master Plan, a three-phase development designed by Pelli Clarke Pelli located on one of the last remaining riverfront sites in Downtown Chicago.
Wolf Point East will offer permanent, protected views down the south and east legs of the Chicago River, refined unit layouts and interior design schemes and a market-leading mix of indoor amenities and dedicated outdoor spaces. The site offers immediate access to the Chicago River Walk and easy access to multiple transit options.
Hines is developing Wolf Point East in partnership with long-time land owner, the Joseph P. Kennedy Family, and the AFL-CIO Building Investment Trust, advised by PNC Realty Investors.
“Our goal at Wolf Point has always been to create long-term value for Chicago and its residents. Wolf Point East furthers our investment in the City and contributes to the evolution of one of its most exciting amenities: the river,” commented Chris Kennedy.
Hines Senior Managing Director Jim Walsh added, “We continue to see intense demand for high-quality spaces in which to live, work and play along the Chicago River and we believe that Wolf Point East is well-positioned to satisfy the demands of Chicago’s sophisticated downtown residents.”
Bank of America Merrill Lynch led the construction loan financing for the project in conjunction with ULLICO, Citizens Bank and ING Real Estate Finance. Walsh Construction is serving as the general contractor and Pappageorge Haymes Partners is the Architect of Record. Initial turnover of units is projected to occur in late 2019.