Less than two years after breaking ground on one of Chicago’s most ambitious residential developments, Riverline’s owners have split the $2 billion plan into two projects along the Chicago River.
Riverline’s developers said the eight-tower South Loop mega-development is now two separately controlled projects, with Australia’s Lendlease taking over work on the 7-acre portion north of River City Condominiums and Chicago-based CMK Cos. keeping the 8-acre parcel south of the Bertrand Goldberg-designed complex.It seems strange that this is happening, but according to the article their is no ill will between the two parties.
The one sentence that stuck out as a sore thumb to us was:
Construction timing and the mix of units will depend on demand.To be honest this isn't shocking. There is a ton of development happening in the South Loop and city, so it seems natural that developers might be trying to slow down.
We were actually talking to a local real estate developer who doesn't focus on the South Loop, but thought the neighborhood was the canary in a coal mine.
Should be interesting to see how things play out over the next year or two.