Luxembourg-based financial holding firm General Mediterranean Holding (GMH) will partner with US-based developer Related Midwest to form a masterplan for building a riverside complex on the 62-acre South Loop site alongside the Chicago River in the US.
GMH, the owner of the property, intends to establish a mixed-use project that will include development of several residences and a major shopping centre at the site in Chicago, Illinois.
The original proposal for the site involved construction of 4,600 residential units and 700,000ft² of commercial space.
Chicago-based architectural firm Antunovich Associates previously submitted designs for development of the riverside complex.
Antunovich Associates president Joseph Antunovich said: "It's a fabulous site.
"There's room to transition beautifully into Chinatown but also bring the emphasis back to the river."
Located south of Roosevelt in Chicago City, the property needs to be reduced to ground level from its elevated height at Roosevelt Road.
The project is also expected to involve investments in roads, sewers and other infrastructure. Developers will be required to seek major tax increment financing (TIF) from the city.
This is claimed to be Related Midwest's most ambitious project to date.
Image: The 62-acre complex at the Chicago riverside. Photo: courtesy of General Mediterranean Holding.