New 45-story office tower to generate 1,000 construction jobs
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By Mike Flannery, FOX 32 News Political Editor - bio | email
CHICAGO (FOX 32 News) -
Mayor Emanuel said the first big privately-financed construction project in Chicago since the economy crashed in 2008 is going to create thousands of jobs.
Emanuel and a team of investors announced Wednesday that a new 45-story tower will be built along the Chicago River.
This is perfect timing for the mayor as Chicago takes center stage for the NATO summit.
Developers said they plan to start building the new tower this fall, eventually employing 1,000 union construction workers.
The site sits on the west bank of the River across from Wolf Point. The building will actually be constructed over and above the current Metra railroad tracks.
A model displayed at the news conference showed a 1.5 acre riverfront park that will also be part of the project. The city's paying $29 million in TIF funds to cover that piece of the work.
It's no coincidence that the mayor announced it this week, as leaders and media reporters from all over the world are about to descend on Chicago. He touted it as another confidence builder for the local economy.
This is only the third new office tower in the U.S. since the 2008 crash – one in Chicago, one in New York City, one in Washington DC.
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