There's soon going to be much more opportunity to live next door to NeoCon. The second phase of the three-skyscraper project at Wolf Point scored its first building permit today. Located at the confluence of the Chicago River’s main, north, and south branches, the upcoming tower will occupy one of the city’s most visible downtown sites. With the official all-clear granted by City Hall, the relatively compact peninsula will soon be swamped with crews working to construct the 60-story rental apartment tower known as Wolf Point East.
The scope of the newly issued permit covers foundation work and construction on the first six levels of basement parking. While this first portion of work is estimated at $60 million, the tower’s overall cost is reportedly $360 million. The project comes from design firm Pelli Clarke Pelli and architect of record Pappageorge Haymes. Developers the Kennedy family and Hines Interests have teamed up with AFL-CIO trust—a group that invests in real estate on behalf of union workers' pension plans.