Funding has been fully secured for the ongoing mixed-use development at 1010 South Wells Street in the South Loop. The upcoming tower is the first building of the long-planned Riverline development led by CMK Properties, with construction already having gone vertical in recent weeks. The team has now closed on a loan to complete the structure.
Photo by Daniel Schell
Photo by Daniel Schell
In late 2024, CMK revived Riverline with an updated design led by architecture firm Gensler, breaking ground in 2025. The 21-story structure includes a three-story podium that will hug a new portion of the riverwalk, over which the tower will cantilever. The ground floor will feature 2,900 square feet of retail space, along with a large lobby and amenity space along the water.
Rendering of 1010 S Wells Street by Gensler
Rendering of 1010 South Wells Street by Gensler
The rest of the podium will contain 182 parking spaces and be capped by an outdoor deck connected to an indoor amenity level. The remainder of the building will house 388 residential units, consisting of studios and one-, two-, and three-bedroom layouts; it is unknown how many will be designated as affordable. The glass-clad tower will rise to 226 feet in height and feature angled window bays.
Photo by Daniel Schell
With a tower crane now in place, the project is well underway. While permits for 1010 Wells listed a $60 million cost, CMK has secured an $83 million loan from Wintrust Bank. A completion timeline is currently unknown. Eventually, a second 28-story tower at 910 South Wells will rise just to the north with 350 units; permits for this phase are already pending.
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Looks like it could have been taller, perhaps. But glad to see it moving.
The top render shows a steel river wall (not sure of technical term) but the bottom pic has rocky shore to the far right with columns close to river edge. Any idea what that is about?
The site plan shows the 3 pillars land within the riverwalk, not too far from the river. So I think those rocks you are seeing are the base for the riverwalK. And in fact I believe they have already decked over that rock.
Seems short for the area, but glad to see anything going here. Hopefully some more projects can get funded soon. So many approved high rises and skyscrapers just waiting. Anyone here anything about Halsted Pointe or North Union on Wells starting any of their high rises?
hear*
There is currently no road access to Halstead Point, and they last issued a permit to rebuild the site’s access with a new ramp.
Time. This is what’s needed. This chunk of Wells now has three active projects going. The river has 8 active projects. Tons of infill region-wide. West Loop picking up steam again. Dirt moving at the United Center.
A city is much more than tall stuff.
I’m fairly indifferent to all glass buildings, but I must say that after living in one, never again. A balcony is such an incredible luxury. The Corncob Towers are a gem for that very reason. The ability to spend time outside, even in a small space, is so important to one’s well-being. All-glass certainly doesn’t hurt the skyline, but I feel that some architects are too focused on the appearance than on livability.
At least in Chicago, real estate investors are only interested in a location once they are absolutely sure that any and all poor people have been completely and permanently ‘removed’ from the area. New investment south and west of the Loop is a sign that all lingering vestiges of the working poor have been removed from these areas. Chicago’s real estate market clearly has a promising future, but it doesn’t include the working poor. We have to admit this brutal truth to understand Chicago real estate.
You clearly have limited knowledge of how the real estate market works. The working poor sector of the market have never been consumers of new construction. There are vast areas in the city with very affordable existing housing, markets of which you seem unaware of. Try searching, for example in any real estate website, condos priced under $70,000. Right now there are 27 homes with that criteria. How about a single family under $120,000? Today there are 221 houses listed. The actual truth is Chicago has affordable housing, and there is no evidence of a conspiracy to displace residents. New investment doesn’t care about the income of area residents. It cares about the amount of crime in the investment area and return on investment.
Finally, someone who understands real estate.
Oof, that’s a bad take.
Additionally, zero people have ever lived here. This land was one industrial and rail yard. The entire southern chunk of the river was inhabitable 100 years ago.
You don’t know what you’re talking about. This land has sat vacant for decades.
Anyone in Chicago knows south and west loop have been gentrified for a long time lol old news
Wish it was taller but a good looking building nonetheless. Happy to see this moving forward.
Has city set aside affordable housing in this new construction project or is it business as usual out pricing the middle class ?
I think every new residential construction with more than 10 units in Chicago is required to have a portion be affordable
Actual Estate. You’re saying the same thing I’m saying. You’re agreeing with me. The examples you give are a tiny number in the context of metro Chicago’s housing market. You’re proving my point.
There is nothing stopping people on the South and West Sides from building homes in areas covered by thousands of empty lots.
Current development rules REQUIRE affordable housing to be included, with some workarounds, but ultimately force developers to fund it one way or another. Yes, an investor will invest where the return on investment makes sense. This will almost always lead to more expensive housing than what previously existed. And in the case of this tower, no one is priced out or displaced because ZERO individuals have ever occupied this land, at least legally by our modern standards.
There are community organizations that I recommend you look up that are actively trying to and successfully building homes without maximizing profits being at the heart of their end goal. Hundreds of homes are expected to be built through their collaborations with the city and financial institutions.
Many working class people lived near the rail yards decades ago. It was cheap because many didn’t want to live there.
Matt, pal, get yourself a library card and explore the historic Robinson and Sanborn maps of Chicago online. Nobody has lived on this parcel ever. The closest workman’s cottages that did exist in the area were removed in the 1890s for railroad yards. Not by real estate developers. Please stop virtual signaling to the audience. You are not coming off as virtuous.
Real estate investors care deeply about the income of residents. If the area has low-income residents, they won’t invest there.
This is simply your uneducated, inexperienced opinion. Cite your actual evidence. In planning a project I, and nobody I have ever worked with has ever considered resident income, only return on investment and amount of crime, to determine the viability of a project.
Hello To Whom it May Concern, I Would Like To Have One Of Your Unit, For Me And My Son, I Looking For A Corner Unit 2bd/2baths One Free Parking With My Unit And Washer/ Dryer in My Unit Good View Out My Window My Phone. is 773-685-0175
Actual Estate, ….you first.
If you try to leave links here, your comments are blocked. You’ll have to figure out where people have lived in Chicago for yourself. Start with atlantic interactives maps of Chicago by decade.
That map is sh*t. It doesn’t distinguish properties that are occupied vs unoccupied. For example, the 78 shows an all-white occupancy. That land has never housed anyone, ever. This article’s property? Similar story.
Your argument started off incoherent and combative towards a completely unrelated entity. Tone down the emotions and build a proper objection.
I just want a shot at the mechanical or plumbing contract on this thing!
Does anyone know if the River City building will add a riverwalk to extend this one to the Southbank Reed’s?
Original plan had this connecting all the way to Navy Pier and way south past Tom Ping.
The 78 will add an idditional layer of connectivity the city has never had before, but the future seems murky for everything north of Riverline.
Once all pieces are done, the Riverline was supposed to have a continuous park. Not quite sure how they branch around River City… but I believe the intention is get most of the development started before finishing off to Roosevelt. Being able to navigate this chunk of the city and not relying on Clark would be glorious. Or maybe they open Wells finally…
Why are there residential buildings in a place where no one has ever lived?
There is very much something stopping investors investing “on the South and West Sides from building homes in areas covered by thousands of empty lots.” It’s the presence of poor people. That’s my point. Real estate investors will only invest in a place once the poor people are all gone.