from today's Crain's Chicago Business:
Kennedys, developer plan big Wolf Point project
By Alby Gallun
July 30, 2007
"(Crain’s) – A joint venture including the Kennedy family and a Texas developer aims to transform a long-vacant riverside property just west of the Merchandise Mart into a massive hotel, residential and office project anchored by an 89-story skyscraper.
The development on the four-acre parcel known as Wolf Point would reshape the skyline along the Chicago River, creating a bookend to the 92-story tower Donald Trump is building farther east.
The project includes three high-rises containing 850 condominiums, 650 apartments, 350 hotel rooms and about 1 million square feet of office space, according to a person familiar with the plan." ...
"Though the Kennedys sold the Merchandise Mart and neighboring Apparel Center in 1998, they retained ownership of Wolf Point, teaming up later with Chicago-based Jones Lang LaSalle Inc. on a proposed 3-million-square-foot mixed-use complex on the site. Yet that plan, which included the Mart’s owner, New York-based Vornado Realty Trust, never came to fruition.
The current proposal would include an 89-story tower on the southern tip of Wolf Point with 400 condominium units, 650 apartments and about 350 hotel rooms, according to the person familiar with the plan. A roughly 40-story office building with 1 million square feet of office space would rise on the east end of the site, and a 56-story, 450-unit condo high-rise would stand on the west end, the person says." ...
"The joint venture faces a slumping condo market and apartment, hotel and office sectors that are on the path to being overbuilt. But with planning in the preliminary stages, it's likely that construction wouldn't start for a few years, when market conditions could be different."
for complete story see: http://chicagobusiness.com/cgi-bin/news.pl?id=25853
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