CHICAGO-The Kennedy family has renewed a massive three-building project at Wolf Point on the Chicago River downtown, just north of the West Loop. The Kennedys, along with three investors including Hines, Magellan Development Group and an unnamed overseas entity, proposed at a community meeting Tuesday night a plan for two office buildings and an apartment tower that would cost more than $1 billion.

The family sold the nearby Merchandise Mart to Vornado Realty Trust some time ago, but kept its hold on the 4-acre parcel at the junction of the north, south and east branches of the Chicago River. There have many development proposals for the historic property, known as the location of the city’s first bar and hotel, and one of the city’s signature locations as depicted in municipal logos.

Tuesday night, Kennedy Enterprises joined Hines and Magellan in a public meeting at the nearby Holiday Inn for an unveiling of the plan, hosted by local 42^nd Ward Ald. Brendan Reilly. The three-phased project includes a 950-foot-tall office building, a 750-foot-tall office building and a 525-foot-tall apartment tower, totaling almost 3.7 million square feet. Also planned are a new public park, enhancements to the river walk area and a parking garage. The design team includes Pelli Clarke Pelli Architects, bKL Architecture and Wolff Landscaping Architecture.