Related has already made significant changes to the city's skyline since the end of the recession. The company opened OneEleven, its 60-story apartment tower at 111 W. Wacker Dr., in 2014. And in early 2015, the building was sold to Heitman for more than $328 million. At $651,000 per unit, Related officials said it was the highest amount ever paid for a Chicago apartment building.

In addition to tower crane records, Chicago recently hit a five-year record high for building permits. As of October 31, 2016, the Department of Buildings issued a total of 39,815 building permits, an increase of nearly 2,000 permits as compared to the same time in 2015, or 5.2%.

City officials say they have hired eight new inspectors and two structural engineers to keep up with that increase, and expect to hire 11 additional inspectors by the end of the year.

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.

“Over the next three years, One Bennett Park will create 1,100 new jobs, serving as a catalyst for additional investment and symbolizing the growing appeal of downtown as a home for future generations of Chicagoans,” Curt Bailey, president of Related Midwest said.

Related has already made significant changes to the city's skyline since the end of the recession. The company opened OneEleven, its 60-story apartment tower at 111 W. Wacker Dr., in 2014. And in early 2015, the building was sold to Heitman for more than $328 million. At $651,000 per unit, Related officials said it was the highest amount ever paid for a Chicago apartment building.

In addition to tower crane records, Chicago recently hit a five-year record high for building permits. As of October 31, 2016, the Department of Buildings issued a total of 39,815 building permits, an increase of nearly 2,000 permits as compared to the same time in 2015, or 5.2%.

City officials say they have hired eight new inspectors and two structural engineers to keep up with that increase, and expect to hire 11 additional inspectors by the end of the year.