$500 million construction funding secured for 400 Lake Shore Drive

Related Midwest has officially secured approximately $500 million in construction financing for 400 Lake Shore Drive, paving the way for construction to commence on the first of two towers. Planned to rise on the site of the former Chicago Spire proposal, the residential towers will reshape Chicago’s skyline where the Chicago River meets Lake Michigan.

“We are proud to begin construction at 400 Lake Shore and deliver Chicago a new, transformative project to be enjoyed for generations to come,” said Curt Bailey, President of Related Midwest. “Located on the last waterfront site where Lake Michigan meets the Chicago River, this development is anchored by two towers surrounded by public green space that will complete Founder’s Way on the River and DuSable Park, as well as provide much needed affordable housing for the city.”

Designed by Skidmore, Owings & Merrill with Stantec serving as the architect of record, the towers feature thoughtful nods to Chicago architectural history and geography. This includes reimagining the iconic “Chicago Window”—a bay window design that is a hallmark of the city’s historic architecture—as a shallow bay of floor-to-ceiling glass. The towers taper down in plan to frame a view of the lake while angling back towards the cityscape—with metal detailing evoking the rippling surface of Lake Michigan. 

When completed, the 72-story, 858-foot-tall phase one tower will deliver 635 new apartments, 20% or 127 units of which will be affordable. Building interiors have been designed by March and White, whose work includes Related’s The Row Fulton Market.

“The vision for 400 Lake Shore combines our expertise building multifamily towers in Chicago with the design prowess of dozens of professionals for a thoughtful solution that will benefit the entire City,” said Ann Thompson, Executive Vice President of Architecture and Design at Related Midwest. “As the birthplace of the skyscraper, Chicago deserves a development that is rooted in history but also forward thinking and we are thrilled to partner with the Chicago Office of Skidmore, Owings & Merrill to bring a new design to the iconic skyline.”

As part of its commitment to creating public green and open spaces, Related Midwest will partner with the Chicago Park District to bring DuSable Park to life. The 3.3-acre site, once home to Chicago’s founder Jean Baptiste Point DuSable, will be open to the public through Founders Way—a planned extension of the Chicago Riverwalk. In total, 400 Lake Shore will feature 4.5 acres of public land, including a plaza between the towers with amenities, a two-story podium and public art.

Construction financing for the tower and public improvements, including the completion of the Chicago Riverwalk to DuSable Park, was a collaboration between The Illinois Housing Development Authority (IHDA), Wells Fargo and other leading financial institutions. The skyscraper will be co-built by LR Contracting and partner BOWA Construction. Completion is expected in early 2027.