Developers announce new Chicago office tower

Developers have announced plans for a new office building on the western edge of Chicago’s business district, and Chicago Mayor Rahm Emanuel calls that a sign of confidence in the city’s economy.

The developers are led by Hines Interests LP and landowner Larry Levy. They plan to build the 45-story tower without any committed tenants. Plans for the building have languished for years, hindered by the financial crisis of 2008.

The project will be the first speculative office building in Chicago since 1998 and the business district’s first new office space since 2010.

The building will be called River Point and is expected to generate 1,000 union construction jobs, 3,400 permanent office jobs and a 1.5-acre riverfront park. Construction is expected to begin this fall, with completion scheduled in 2016.