Chicago-based developer Sterling Bay has broken ground on a 47-story tower at 300 N. Michigan Av., between the city’s Riverwalk and Millennium Park.
The 523-foot glass and steel skyscraper will include 289 residential units and a 280-room hotel by Netherlands-based citizenM.
The developer says the project will create more than 500 on-site construction jobs.
A building permit filed on Aug. 27 allows general contractor Linn-Mathes Inc. to start work on the project’s tower crane — overing the “Phase 1 foundation and initial set up of a Potain MR418 lifting jib crane.” The limited permit is set at $60,000, compared to the overall estimated project value of about $250 million.
“We see this as a bright spot of positive momentum for the City of Chicago – North Michigan Avenue, in particular – which has seen its share of strife this summer,” Sterling Bay spokeswoman Julie Goudie wrote in an email to CBS Chicago 2.
In July, Sterling Bay secured $174.5 million in financing for the mixed-use structure, which it is building in partnership with Magellan Development Group.
Designed by bKL Architecture, the 523-foot glass structure is situated just blocks from several of Chicago’s most visited tourist attractions including the recently revitalized Chicago Riverwalk and Millennium Park’s world famous Cloudgate.