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After nabbing a $476 million USD construction loan, work on Chicago's next office tower looks ready to begin. The 1.5-million-square-foot BMO Tower will soar 222 metres on a site next to Union Station, the city's primary terminal for commuter rail.
Approval of the construction loan spells the end for a five-storey parking garage that currently occupies a full city block at 310 South Canal Street. The Goettsch Partners-designed glass office tower will rise from its ashes, boasting a 50-storey contemporary design with stepbacks that echo the form of the Willis Tower just a short walk away.
Toronto-based BMO Financial Group, parent company of BMO Harris, is the anchor tenant in the project. The company is consolidating their downtown Chicago offices by leasing nearly 500,000 square feet in the building, where 3,600 BMO workers will be headquartered.
The development will also include a 1.5-acre park and a state-of-the-art bank branch.
Chicago developer Convexity Properties is partnering with Riverside Investment & Development on the project, which is expected to be delivered in 2022.
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