CHICAGO - Mayor Rahm Emanuel lead Tuesday's groundbreaking ceremonies on River Point, a development that will include a 45-story office tower and a 1.5-acre public park in downtown Chicago's West Loop.

Ivanhoé Cambridge and co-investor and developer Hines, announced the start of construction on the project, which being developed with land partner Larry Levy. It is slated for initial occupancy in 2016. "This is a momentous day for the City of Chicago, as this is the first office building to come out of the ground in Chicago in years," Emanuel says. "River Point is an example of smart growth and job creation for our city, which is leading the nation in economic development, and I am proud that there is enough confidence in the city's economic landscape for this project to come to fruition." Emanuel was joined by Daniel Fournier, chairman of the board and chief executive officer of Ivanhoé Cambridge, C. Kevin Shannahan, CEO of Hines' Midwest and Southeast regions; and Larry Levy, chairman of The Levy Organization. River Point was designed by architectural firm Pickard Chilton and is being constructed at 444 West Lake St. on the western bank of the Chicago River near two commuter rail hubs and overlooking the river toward Lake Michigan. It will have about 900,000 square feet of leasable space, the tower is pre-certified LEED Gold. "River Point will be a striking addition to Chicago's skyline and the first in a new generation of office buildings. There is significant interest from major corporate tenants," Shannahan says in a release.

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