$83 million in financing secured for 1010 S. Wells at Riverline

Chicago developer CMK Companies has secured $83 million in construction financing for 1010 S. Wells. Set to be the first building constructed at Riverline in the South Loop, the mixed-use development will be located along the South Branch of the Chicago River at the intersection of S. Wells St and W. 10th St. 

With Gensler behind the design, the 21-story tower will stand 227 feet tall, with 386 apartments, 182 parking spaces, and 2,904 square feet of retail space on the ground floor. 

As part of the project’s redesign before gaining approval, the liner units planned on the podium have been substituted for building amenities and parking. The ground floor facades have full-height prefinished aluminum glass window systems while the parking above ground level will be screened with multi-colored, perforated metal panels. The bulk of the residential tower will be clad in glass and aluminum window wall designed with a jagged footprint that jogs out and in.

The proposal will have its retail, residential, and vehicular access all off of S. Wells St as previously approved. The retail and parking entries have been pulled back to emphasize a tall, fully glazed residential lobby and to define an entry plaza at Wells and Taylor Street. The site will include a section of public riverwalk along the banks of the Chicago River and will be accessed via two access paths that run along the north and south sides of the building through open landscaped areas. A dog run will be included for residents.

With a full building permit issued and a tower crane permit recently issued, the milestone of securing the $83 million in financing from Wintrust Bank comes as the final piece of the puzzle for this project to move forward towards completion. Construction on the project’s foundations has already been underway, and the tower crane was recently installed. A specific timeline for completion has not been announced.