Chicago Real Estate Blog

A major development could be coming to the South Loop’s riverfront location.  Unveiled in mid-September before the Chicago Plan Commission, the proposal could include transforming what’s now a vacant riverfront property into a major new development.

The property involved is just south of River City.  As part of a joint venture between CMK of Chicago and Lend Lease of Australia, CMK Properties has already purchased most of the vacant land between Roosevelt Road and Harrison Street along the South Branch of the Chicago River.  This happened with three transactions last winter, and the proposal is for a mega-development called River South.

At the time of the land purchase, Perkins+Will, a Chicago architecture firm, was hired on to lead the project’s planning for both sides of River City.  The existing River City complex was once expected to be much larger, and only consists of one phase of the original project.

CMK Properties is planning for three residential high-rise buildings along with 62 townhomes.  The plan is for two of the towers to be on the northern edge of the site, flanking a bridge that will cross over the river at Taylor Street.  The third high-rise is expected to go along the Roosevelt Road viaduct.  Townhomes will be constructed within nine separate buildings, located in between the taller buildings.  They’ll include courtyard layouts, opening towards Wells Street.

There could be even more townhomes within the base of the high-rise towers.  In all, CMK plans for 942 residential units along the land’s southern stretch.  Because the original concept planned for the land included some high-rises and additional units, the unveiling before the Plan Commission was only for courtesy.  A formal vote was not taken.

CMK is expecting to move on with development of the southern property first.  After that, it is expected to tackle the vacant 7+ acres of land located to the north of River City, where upwards of 2500 units are planned for construction.