Waterview Tower back in play as apartment complex under joint venture with NY firm, Clark Wacker LLC
Building at 111 W. Wacker, stuck as a 25-story concrete skeleton for about 3 years, to become 65-story, 500-unit luxury rental development
By Alejandra Cancino, Tribune reporter
July 28, 2011
The sale of the unfinished Waterview Tower marks the end of an era for a building that had become an eyesore in the Chicago skyline after construction halted in 2008.
At a planned 1,050 feet, the skyscraper would have become the fifth-tallest building in the city. Instead it rose 25 floors and sat untouched for nearly three years, turning the concrete skeleton into a constant reminder of the credit crisis.
The new owner plans to use the existing structure and convert the building into a 65-story
luxury rental building with 500 units. Construction is set to start in the first quarter of 2012 and be completed 18 to 24 months later. Related has yet to secure construction financing for the project.