The money people behind all the construction going on at Wolf Point have decided to puff their chests out a little bit and show off what they’ve accomplished so far. And so far, they’ve accomplished Wolf Point West.
You’ll remember that the West tower is one of three planned for the Wolf Point property at the confluence of the Chicago River and the North Branch of the Chicago River. It’s a billion-dollar project, and the AFL-CIO is excited not only about seeing it a third completed, but also the fact that it’s put so many of the union’s members to work.
The video above contains lots of interesting information about the recently completed building. The press release below contains even more interesting information about the next building in line: Wolf Point East, which will be 20-stories taller and cost more than twice as much. Work on that skyscraper is expected to begin in early 2017.
AFL-CIO Building Investment Trust Announces New Job Creating Development With Exciting New Video
Washington, D.C. – The AFL-CIO Investment Trust Corporation (ITC) has announced that the AFL-CIO Building Investment Trust (BIT) will expand on its commitment to Chicago’s $1 billion Wolf Point development. Representatives of the ITC and local labor leaders participated in the grand opening of the $160 million, 46-story Wolf Point West in the second quarter of 2016. Construction on Wolf Point East, the second phase of the project at the confluence of the North, South, and Main Branches of the Chicago River is expected to begin in the first quarter of 2017.
“We are extremely excited about the opportunity once again build in such a great city,” said Mike Stotz, President of the AFL-CIO Investment Trust Corporation, which provides investor and labor relation services to the BIT.
Stotz added, “Wolf Point West was barely topped off a few months ago, and not only is it rapidly filling up with tenants, it has also joined the BIT’s 333 West Wacker Office as new additions to Chicago’s famous architecture tour. Wolf Point East will not only be another beautiful addition to Chicago’s skyline, but it shows what can be done when labor invests in itself.”*
Wolf Point East is to be a 66-story, 750-foot tall mixed-use skyscraper designed by the world renowned Pelli Clarke Pelli architects, with an estimated total development costs of approximately $360 million.
The east tower will add 707 units of luxury rentals to Chicago’s downtown, as well as 198 parking spaces, 40,000 sf of amenity space, and 3,000 sf of ground floor retail. Wolf Point East is the second joint venture between the BIT, Texas-based Hines Interests, and an investment group headed by Joseph P. Kennedy EnterprisesC.E.O., Chris Kennedy. Construction is estimated to be completed by December of 2019.
Historically, the BIT has committed over $1.6 billion to the Chicago area to over 20 projects. BIT projects in Chicago have created an estimated 4,100 union jobs, both in the construction and servicing of its properties; in addition to 3,921 units of housing, and over 3 million square feet of commercial real estate.
In addition to the projects at Wolf Point, in recent years the fund’s Chicago development includes 500 Lake Shore Drive, a 500-unit luxury residence a block away from Navy Pier; The Tides, a nearby 607-unit multifamily tower in Lakeshore East; and The Shoreham, a 47-story high-rise apartment containing 548 rental units, also in Lakeshore East. In addition to those developments, in 2015, the BIT acquired the office building at 333 West Wacker Drive, directly across the Chicago River from Wolf Point.
Wolf Point East represents a continuation of the BIT’s efforts to invest in the development of large, urban, multifamily rental properties in order to meet growing demand. Some of the BIT’s recent multi-family property developments include Manhattan’s Riverside Center, Minneapolis’ Dock Street Flats, Portland’s Lloyd District Commons, and San Jose’s San Pedro Square Apartments.