Plans Unveiled For 3-Building Development At Wolf Point

By Samantha Abernethy in News on May 30, 2012 9:40PM

A new development backed by the Kennedy family would put three new towers at Wolf Point, two commercial and one residential. The development will also add a public park and 2.3 acres open space, plus add a new 1,000-foot section of river walk between the Orleans Street bridge and Kinzie Street.

The Kennedys sold Merchandise Mart in 1998, but they've held onto the adjacent Wolf Point parcel. The last development approved for this area was under a 1973 zoning agreement, and the Wolf Point project would need Ald. Brendan Reilly (42nd) to sign off on a few changes. Reilly's office held "just the first of what will likely be several meetings about Wolf Point" Tuesday, and more than 300 attended. Blair Kamin writes:

The project “gives a great boost of confidence” in downtown Chicago, Christopher Kennedy, chairman of Kennedy Enterprises, the family’s investment arm, said Tuesday before the meeting.

But the plan must overcome several hurdles, including what is expected to be strong opposition from residents of a high-rise at 333 N. Canal St., the Residences at RiverBend, whose views to the east would be blocked by the proposed towers. The development’s impact on already-congested downtown streets is also expected to be a big issue.

The 525-foot residential tower will be the first built, and they are aiming to open the 500-unit tower by 2014. Developers expect to complete the 725-foot south tower by 2018 and the 900-foot east tower by 2020.

“It truly is an amazing location. It has unparalleled access to both CTA rail and bus lines, as well as the two main Metra hubs. It is one of the most walkable locations in the city with easy access to both the Loop and River North,” said Greg Van Schaack, Senior Managing Director with development firm Hines. “For more than one hundred years, city planners - from Burnham in the early 1900s to several Central Area Plans dating to 1959 - have all called for prominent buildings and urban density at the site, and we are very eager to finally realize Wolf Point’s full potential.”

As for the design, the Chicago Architecture Blog notes Connecticticut-based architecture firm Pelli Clarke Pelli's design doesn't look like the same old recycled skyscraper designs we’ve seen come out of the usual Chicago firms for domestic consumption," and the towers "will stand out in the crowd."