The intersection of Clark Street and Wacker Drive marks the spot where Chicago's housing boom screeched to a halt in early 2008, a casualty of a looming credit crisis. This summer, the location will mark the latest chapter of the market's turnaround. Following a 10-year odyssey, crews are applying finishing touches to a high-rise that has swapped owners, occupancies and design concepts. For four years, the bulk of its 30-story podium—a concrete shell—stood idle after financing for the remaining 65 floors fell through.
As originally conceived by Chicago-based developer Teng & Associates, plans called for locating parking and a Shangri-La Hotel in the podium structure and stacking 1,800-sq-ft condominiums in a 60-story tower structure. Chicago-based developer Related Midwest purchased the property in 2011 with an eye toward constructing a 60-story structure to satisfy renewed demand for downtown luxury rental apartments.