CHICAGO — Related Midwest has broken ground on 400 Lake Shore, a two-tower multifamily development located along the Chicago River in the city’s Streeterville neighborhood. Related is building the project on a site left vacant after plans to build the Chicago Spire skyscraper were abandoned nearly two decades ago. Phase I of the project will include the construction of the development’s 72-story North Tower.
The 1.1 million-square-foot North Tower will offer 635 multifamily units, 20 percent of which will be affordable housing. The development will also include 4.5 acres of open and green space, including the construction of DuSable Park in partnership with the Chicago Park District. The development will also include an expansion of the Chicago Riverwalk Founder’s Way walking path.
Construction on Phase One is scheduled for completion in early 2027.
The Chicago Office of Skidmore, Owings & Merrill designed both towers, which include nods to the city’s architectural history and geography. March and White designed the building interiors, with locally based Stantec serving as the architect of record for the project. The development team for Phase I includes LR Contracting and BOWA Construction.
A collaboration between The Illinois Housing Development Authority, Wells Fargo and other undisclosed financial institutions provided financing for Phase I. Information on Phase II of the project was not disclosed.
Related Midwest is the Chicago office of Related Cos., a developer of mixed-use properties, affordable housing communities and luxury condominium rental homes. Related Midwest is the largest developer of affordable housing in the Midwest, according to the company, with a portfolio of more than 10,000 units.
—Katie Sloan