BMO Tower construction to start after developers secure $426 million construction loan

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BMO tower
Rendering of BMO Tower ((Riverside Investment & Development))

Construction will soon start on BMO Tower, a 1.5 million sq. ft. office tower next to Union Station, after developers obtained a $476 million construction loan.

John O’Donnell, CEO of Riverside Investment and Development, said in a paid Chicago Tribune post that construction will start once a parking garage at the site is demolished.

existing site
The parking garage before demolition at 320 S. Canal (Google Maps)

O’Donnell said BMO Harris Bank, Bank of America and Citizens Bank funded the loan.

Riverside is developing the 50-story office tower with another Chicago-based developer, Convexity Properties, which is the real estate investment arm of trader Don Wilson’s DRW Holdings, the published report said.

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