Ivanhoé Cambridge, Hines to develop office tower in Chicago
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Ivanhoé Cambridge, Hines to develop office tower in Chicago

17 May 2012

Real estate firm Ivanhoé Cambridge along with Hines is planning to invest $300m to build a 45-storey office tower in the West Loop in downtown Chicago, Illinois, US.

Real estate firm Ivanhoé Cambridge, along with Hines, is planning to invest $300m to build a 45-storey office tower in the West Loop in downtown Chicago, Illinois, US.

The tower, named River Point, will be built at 444 West Lake Street on the western bank of the Chicago River on a site co-owned by local businessman Larry Levy.

Designed by architectural firm Pickard Chilton, the tower will have 900,000ft² of leasable space and is scheduled for completion by 2016.

Under the project, a 1.5-acre public park will be created on the top of existing underground rail infrastructure, which will link the tower, via a 450ft landscaped walkway, to the Chicago Riverwalk.

The tower is pre-certified with LEED Gold certification, according to Hines.

Both the companies are expecting to close investment for the project by the end of May 2012 and the tower is expected to accept tenants in early 2016.

The city of Chicago will extend $29m to finance the cost of a tunnel for Metra trains that will run along the eastern side of the proposed tower and park.

In 2008 the city earmarked $30m in tax district payment for construction of the park, along with a 51-storey building at the same location which could not be built due to a lack of financing.

Larry Levy and Hines had planned to invest $536m to build a 1.1 million ft² office tower there in 2008, which has now been scaled down.

Hines and Ivanhoé Cambridge previously partnered to implement Eighth Avenue Place in Calgary, Canada, and the T1 tower in the La Défense business district of Paris, France.

The partnership recently won a competition for the construction of a dual-tower complex in the 13th arrondissement of Paris.