CHICAGO—Related Midwest recently reached another milestone in its development of a new residential tower in the Streeterville neighborhood, and also helped the city of Chicago set a record. The company just installed a tower crane on the site at 451 E. Grand Ave., the 33rd tower crane to go up in the city this year, according to city officials, a post-recession record and eight more than last year. It is the 48th tower crane to operate in Chicago during 2016 – 31 more than the city saw in 2011. There are 29 tower cranes currently operating on construction sites in the city with seven more approved and pending installation.

“The tower cranes seen across Chicago's skyline mean one thing – economic opportunities that reach neighborhoods across the city,” Mayor Rahm Emanuel said yesterday as he visited the installation. “As Chicago's economy continues to gain strength, City Hall will continue to partner with all businesses, big and small, to keep the progress going.”

The new building, called One Bennett Park, was designed by Robert A.M. Stern Architects. Its 836-foot height will make it the city's tallest all-residential tower. It will feature a 1.7-acre public park designed by architect Michael Van Valkenburgh, the creator of Maggie Daley Park and The 606. Related Midwest plans to begin residential deliveries in late 2018 and continue into 2019.