Two tower skyscraper project moving forward at site of former Chicago Spire

Real estate developer Related Midwest intends to break ground on the first of two residential skyscrapers at the former Chicago Spire site by the end of the year, according to a report by Crain's. The project promises to overhaul the long-abandoned Streeterville site and transform Chicago’s skyline.

The developer unveiled plans for the project during a virtual meeting with Streeterville residents in October of this year. Construction has reportedly begun  on the first of the two towers planned for 400 N. DuSable Lake Shore Drive. The 635-unit tower is expected to majorly impact the area's real estate market.

The Chicago Spire was a failed development project for what would have been the western hemisphere’s tallest skyscraper. According to Crain's, plans for the Chicago Spire were scrapped after construction had already begun during the 2008 recession.

The site has sat empty ever since, marked by a large hole in the ground where the building’s foundation was carved out. As part of the project, the vacant lot will finally be redeveloped, along with the adjacent DuSable Park.

The first of the two towers is expected to be completed by 2027. Construction on the second tower will reportedly begin once market conditions are right.

Progress on the towers comes more than five years after Related Midwest first unveiled plans for the $1 billion project. After revising their initial plan to include a hotel, condominiums, and apartments, the developer has decided to make the entire development residential only.

"Related Midwest looks forward to bringing to life the iconic sister towers at 400 Lake Shore Drive as well as the 3.3 acre DuSable Park for all of Chicago to enjoy," Related Midwest President Curt Bailey said in a statement to Crain’s.

"Positioned on the last waterfront site where Lake Michigan meets the Chicago River, the development of this site will strengthen the city’s connection to the river and Lake Michigan through the creation of beautiful public spaces and spectacular residences that will be a great new addition to the Streeterville neighborhood."