Ground has been broken by Chicago-based developer Sterling Bay on a 47-story tower at 300 N. Michigan Av., between the City’s Riverwalk and Millennium Park. The tower will be a 523-foot glass and steel skyscraper. It will include 289 residential units and a 280-room hotel by Netherlands-based citizenM.
More than 500 on-site construction jobs will be created through the project, according to the developer. On Aug. 27, a building permit was filed that allowed general contractor Linn-Mathes Inc. to start work on the project’s tower crane — covering the “Phase 1 foundation and initial set up of a Potain MR418 lifting jib crane.”
The limited permit is set at $60,000, while the overall estimated project value is around $250 million. Sterling Bay spokeswoman Julie Goudie says the project is positive momentum for the City of Chicago. Goudie wrote in an email to CBS Chicago 2 that, “We see this as a bright spot of positive momentum for the City of Chicago – North Michigan Avenue, in particular – which has seen its share of strife this summer.”
In July, Sterling Bay achieved success in securing $174.5 million financings for the mixed-use structure. They are building the structure in partnership with Magellan Development Group. The structure is designed by Bkl Architecture. The 523-foot glass structure is situated few distance from several of Chicago’s most visited tourist attractions. Some of the attractions include the recently revitalized Chicago Riverwalk and Millennium Park’s world-famous Cloudgate.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.OkPrivacy policy
