4 Things to Know About the South Loop's New Riverline Development
This past year has been a banner one for the South Loop, and in the next 10 years the neighborhood could look drastically different than it does today. The South Loop isn’t up-and-coming anymore, but the community is home to two massive developments that could reshape the area even more.
A 62-acre parcel of land between South Loop and Chinatown is said to be one of the largest real estate developments in the history of Chicago. The site is located right along the Chicago River south of Roosevelt Road and will include 10 million square feet of residential and commercial space. Just slightly north of the land is the 14-acre Riverline project, on which developers broke ground in September 2016.
The massive Riverline development is bound by Harrison Street, Roosevelt Road, Wells Street, and the Chicago River, and it surrounds the iconic Bertrand Goldberg River City development. The development will bring residences, retail, and public open space to the area of land that has otherwise been neglected. While there’s still a lot of work to be done until the project is completed, here are few things to know about hot it will change landscape of South Loop.
It Will Be Developed in Two Sections
Recently, co-developers announced that the Riverline project would be split into two smaller projects. Australia’s Lendlease will control the seven acres north of River City and Chicago-based CMK will tackle the eight acres to the south. The amicable agreement is somewhat odd, but both parties will reportedly still follow the general master plan created by Perkins+Will.
The developers now have individual control over financing decisions, construction schedules, and how to mix rentals and for-sale units, according to a column in the Chicago Tribune. Both projects are expected to be completed by 2026.
CMK is slated to keep the name Riverline for its portion, but Lendlease will market separately and a new name will be revealed.
It’ll Create More Public Space and Waterfront Access
The Chicago River has always had a somewhat murky reputation, but there are several projects on the south and north ends eager to make better use of the waterway. On the south side along the Riverline project, developers are planning a riverwalk, water taxi stop, and kayak launch. Back in October 2016, Chicago’s Hoerr Schaudt Landscape Architects said the project focuses on “bringing pedestrians closer than ever before to the water.”
The riverfront site has been riddled with weeds and left dormant since the demolition of the Grand Central Station railroad terminal in 1971. The team behind Riverline use the term “urban nature,” which was originally coined by Randolph University Professor Michael Bryson. Defined as a “city in a garden,” creating nature in an urban setting is the goal that developers are aiming for with a new extension of the river walk that runs between Harrison Street and Roosevelt Street.
There will be bar-like seating for pedestrians to look out over the water and other spots for locals to enjoy the scenery, like an amphitheatre that has panoramic views of the river. Local vegetation will be planted to improve the ecosystem of the riverfront and attract native birds and more.
It’ll Bring Thousands of Residences
The Riverline project consists of a mix of rentals and for-sale condos in high-rise and mid-rise towers. In total, the project is slated to deliver 3,600 new residences. The first structures will include a 29-story tower with 450 rental units and an 18-story building with 251 units. There will be a series of nine three-story townhomes as well in the first phase of construction. Known as Ancora, the 29-story building has topped out and is expected to open this summer.
Recent reports say there will be eight buildings total, but with a project of this scope it’s possible for those numbers to change.
Nearby Infrastructure Improvements Are Expected
With the addition of so many new residents, local infrastructure is a key focus for builders. The long-awaited Wells-Wentworth Connector has been in the works for more than a decade.
The Chicago Department of Transportation and the Department of Planning and Development announced the official start of construction on phase one of three in 2016. The new roadway is slated to stretch from the Loop to Chinatown and offer safer and faster transportation for motorists, cyclists, and pedestrians. There will be new sidewalks and a buffered bike lane.
Additionally, there are reports of a potential new CTA stop and a new Metra station. Both are in very early stages and have not yet been made official.