Here's the official press release.
They're really hyping this project up, so we better not end up with another SCB box.
http://www.related.com/ourcompany/pr...NTAL-BUILDING/
RELATED COMPANIES ENTERS INTO JOINT VENTURE ON 111 WEST WACKER DRIVE, FIRM TO REDEVELOP PROPERTY AS LUXURY RENTAL BUILDING
7/27/2011
Related Companies today announced that it has entered into a joint venture agreement with Clark Wacker LLC on a development site at 111 West Wacker Drive in Chicago, Illinois. Related plans to redevelop the property as an approximately
500-unit luxury rental complex that will include on-site parking. Clark Wacker LLC will retain a participation in the deal structure. The joint venture formation is part of Related’s fund management platform which seeks to unlock value by utilizing the firm’s vast real estate expertise.
Curt Bailey, President of Related Midwest said, “111 West Wacker Drive is a tremendous development opportunity and a perfect fit for Related, drawing on our decades of experience building some of the nation’s finest rental and condominium complexes. Chicago’s rental market is strong and demonstrating healthy rent growth. 111 West Wacker Drive offers an ideal location for
best-in-class rental product.”
Sean McMahon from Clark Wacker LLC said, “We are thrilled to partner with Related Companies and
create a statement rental development. We have always believed in the great potential of this site and the formation of this joint venture with such a prestigious estate organization with a track-record of successful residential developments will only further ensure the project’s success.”
Justin Metz, Managing Principal of Related Companies said, “111 West Wacker Drive is a perfect fit for our expertise in, and focus on, execution projects. We look forward to developing a
marquee building for this important location, bringing new resources to the development and maximizing value for our partners and investors."
111 West Wacker Drive is located on the Chicago River at a signature crossroads that bridges the north end of the Loop business and financial district and is directly across from the vibrant river north cultural and lifestyle district. Construction is projected to begin in the first quarter of 2012.