One of downtown Chicago’s highest-profile residential developments is making some noteworthy changes, according to a recent report out from the Chicago Tribune. Fewer than two years after construction began, the mega South Loop development dubbed Riverline is now being split into two separate projects.
As noted by the Tribune, Australia-based Lendlease is now controlling a 7-acre section of the development site just north of River City, while Chicago-based CMK Cos. will develop the other 8-acre parcel just south of that.
Despite the changes, the overall project scope of the Riverline master plan hasn’t changed, only each individual developer will now manage individual project details like financing, construction schedules, and potential uses for each building.
As for what’s being planned, the first building will be a 29-story, 452 unit apartment high-rise at 720 S. Wells, which is already expected to be finished this summer. Lendlease will then set sights on four additional towers, which could also include hotel rooms and office space depending on demand projections.
CMK’s portion of Riverline will include approximately 1,050 apartment, condo residences, and townhomes, which will all be spread out over three individual towers. Construction for the first tower isn’t expected to begin until 2019.