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Chicago & Midwest  + Downtown + Illinois  + Apartments  |  January 19, 2024
Jasmine Kilman
By: Jasmine Kilman

Related Midwest Gets $500M in Financing for Former Chicago Spire Site

Developer Related Midwest has received more than $500 million in construction financing to begin the first phase of its massive two-tower development project at the former Chicago Spire site.

Designed by Skidmore, Owings & Merrill with David Childs, the initial stage of the 400 Lake Shore development project calls for the construction of a 72-story, 635-unit apartment building on the northern section of the site, reported Crain’s.

400 Lake Shore is positioned on the last available waterfront site where Lake Michigan meets the Chicago River. The project also includes establishing DuSable Park, honoring Chicago’s founding father, Jean Baptiste DuSable, and a pedestrian path joining the Riverwalk to Lake Michigan.

Plans for the two-tower complex were first revealed in 2018, aiming to repurpose the long-abandoned location of the ill-fated Chicago Spire. Construction on the new towers is underway, with the first tower scheduled to be complete by 2027.

Connect Industrial Midwest 2024 will take place on March 5, 2024, at Joe’s Live in Rosemont, Illinois. Click here for more information and to register.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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