A groundbreaking ceremony took place Friday, July 18th, at Wolf Point West Tower featuring more than one hundred and fifty workers and local labor leaders. Wolf Point West Tower is a $160 million, 48-story multifamily project being built in Chicago. The AFL-CIO Building Investment Trust (BIT) indirectly provided a $34 million equity investment in the project, and BIT’s partners and a third-party lender provided the remaining funds for the development.
Wolf Point West will feature 509 luxury rental units, market leading amenities, over 400 feet of publicly accessible river walk, and extensive green space. Initial occupancy is expected in the fall of 2015. Wolf Point West is the first of three new buildings to be built on the Wolf Point site, which together are estimated to create more than 2,000 construction jobs.
“Wolf Point is a continuation of the BIT’s strategy to invest in the development of multifamily rental product, and we expect that the BIT will benefit from strong demographic trends and anticipated rental growth in Chicago,” said Kevin McCarthy, President, PNC Realty Investors.
The event was attended by representatives from the Illinois AFL-CIO, the Chicago Federation of Labor, the Chicago & Cook County Building & Construction Trades Council, the AFL-CIO Building Investment Trust, PNC Realty Investors, Inc., Hines, Magellan Development Group, the Wolf Point owners, and the AFL-CIO Investment Trust Corporation.
