The city of Chicago will pay $29.5 million toward the long-discussed River Point office tower project, Mayor Rahm Emanuel announced Wednesday. He said it will be the largest new real estate project to break ground in the city since the 2008 economic downturn.
The project will receive a $29.5 million public subsidy to pay for a sculpture park at the base, built over the Metra line.
“This is just for the park, and the riverfront property," the Mayor said. "The building is separate. That’s their investment."
Mayor Emmanuel sees the project as a vote of confidence in Chicago's recovering economy. “This property will pay, over 15 years, $175 million in taxes," he said in a press conference yesterday.
River Point is projected to reach 213 meters (699 feet) and will go up at the northeast corner of Lake and Canal. The building is expected to generate 1,000 construction jobs, 3,400 permanent office jobs and a 1.5-acre riverfront park, according to the Associated Press.