BIT and Related Midwest Break Ground on the $157 million 500 Lake Shore Drive Apartments
The AFL-CIO Building Investment Trust (BIT), in partnership with Related Midwest, today held the official groundbreaking ceremony for their new 500 Lake Shore Drive apartments. Located one block from Chicago's famed Navy Pier, 500 Lake Shore Drive represents a $157 million investment and will create approximately 750 union construction jobs. When completed, the 45-story apartment tower will boast impressive views of Lake Michigan, 500 luxury rental units, a parking garage and 2600 square feet of retail space. It will also incorporate energy efficient appliances and lighting, and feature a vertical green wall on the east facade.
"We are very excited about this opportunity," said Kevin McCarthy, President of PNC Realty Investors Inc., investment advisor to the BIT. "This is a continuation of our strategy to invest in the development of multifamily rental product and we expect that we will benefit from strong demographic trends and anticipated rental growth in Chicago."
As with all BIT development projects, on-site construction will be performed by members affiliated with the local building and construction trades council. "At a time when economic challenges persist, this project offers many hard-working men and women a chance to get back to work," said Tom Villanova, President of the Chicago & Cook County Building and Construction Trades Council.
Jorge Ramirez, President of the Chicago Federation of Labor, noted that, "with the City's unemployment rate at 11.7 percent, the development of 500 Lake Shore Drive will create hundreds of new, middle-class jobs in Chicago."
Also in attendance at the event was Michael Carrigan, President of the Illinois AFL-CIO. "We are excited to be working with the BIT. This will be yet another monument to the craftsmanship of union workers and a fantastic example of union pension dollars in action," said Carrigan.
Additional speakers at the ceremony included Deputy Mayor Mark Angelson; Brendan Reilly, Alderman of the 42nd Ward; Commissioner Andrew J. Mooney, Department of Housing and Economic Development; and Curt Bailey, President of Related Midwest.