Upon completion, anticipated in 2010, the project will rise on 2.2 acres at Lake Shore Drive and East North Water Street, as well as near the confluence of Lake Michigan and the Chicago River. The tower, designed by architect and engineer Santiago Calatrava, will consist of 150 hotel rooms on the lower 25 floors and 300 condominiums on the upper floors.

The unanimous vote to move forward with the building represents the final approvalhurdle for the Fordham Co., which is developing the tower. Last week, the proposal was endorsed by the city's plan commission.

The approved proposal incorporated changes to the original plans including alterations to the spire and tower structure. Under the new plan, the tower's spire will rotate a full 360 degrees, providing a tighter twist to the design; and ringed by a circular plaza, the tower will rise straight out of the ground rather than from a tiered four-story podium.

"We couldn't be more excited that the city council has embraced the addition of the Spire to Chicago's renowned skyline," says Carley, chairman and CEO of the Fordham Co., in a released statement.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.