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Huge, Proposed Wacker Drive Tower Secures Key Anchor Tenant

By Stephen Gossett in News on May 4, 2017 4:30PM

One of the most closely watched skyscraper developments has secured its all-important anchor tenant. A massive, 51-story riverfront office tower has landed Bank of America to occupy a significant slice of the facility's space, according to the Tribune.

The Trib reported back in March that talks were already in place between developers and potential suitors. An official announcement from Mayor Rahm Emanuel is expected on Thursday morning. The proposal for tower was approved by the Chicago Plan Commission in March. With so many ducks in a row, the plan forward appears increasingly imminent.

Developed by co-partners Riverside Investment and Development, of Chicago, and Howard Hughes Corp., of Dallas, the tower would take root at 110 N. Wacker Dr., between Randolph and Washington streets, along the eastern bank of the Chicago River. The space is currently occupied by the hulking modernist relic General Growth Properties building—which would be leveled to make way. The tower would include a new public riverwalk and added park space.

According to the Tribune, Bank of America has agreed to occupy some 500,000 square feet of space. A representative of Riverside told the paper they hope to brak ground in 2018 and open the tower in 2020.

The project could also be a windfall for development far away from the downtown riverfront. According to the Department of Planning and Development, developers will pay nearly $20 million to the Neighborhood Opportunity Bonus—which is intended to spur commercial development in sectors of the South and West Sides.