The economy may be acting like a square, but the 82-story “Aqua” in Chicago is making waves with hipsters looking to live in style. Built by general contractor James McHugh Construction Co., the $475-million tower topped out on March 4 and is nearly sold out, says owner Magellan Development Group. The 2.2-million-sq-ft, 968-unit building is set to open in phases starting in May and finish up next year on time, on budget. It includes 264 condos, 476 rentals and hotel spaces, a mixed-use first for Chicago, says Magellan, which planned Aqua to bookend a $4-billion Lakeshore East urban village. Designed
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.