Funding Secured for South Loop Tower at 1010 S Wells as Riverline Moves Forward

1010 South Wells Street in the South Loop, — Rendering of 1010 South Wells Street by Gensler

A major new development is gaining momentum in one of Chicago’s fastest-growing neighborhoods. Funding has officially been secured for the mixed-use tower at 1010 South Wells Street in the South Loop, marking a key milestone as construction continues to rise along the riverfront.

The project is part of the long-anticipated Riverline development led by CMK Properties, which has re-emerged with updated plans and active construction after years of planning. With a tower crane now in place and vertical construction underway, the development is quickly becoming a visible addition to the South Loop skyline.

The 21-story building, designed by Gensler, will include a three-story podium connected to a new stretch of the Chicago Riverwalk. The tower itself will cantilever over part of the podium, creating a unique architectural profile along the river.

Plans for the building include 388 residential units, ranging from studios to three-bedroom layouts, along with approximately 2,900 square feet of retail space on the ground floor. Residents will also have access to a variety of amenities, including indoor and outdoor spaces built into the podium level, as well as a large deck overlooking the river.

Parking will also be incorporated into the development, with 182 spaces planned within the podium. The glass-clad tower is expected to rise to about 226 feet, featuring angled window designs that contribute to its modern look.

The financial backing is a significant step forward for the project. While earlier permits listed the development at around $60 million, the team has now secured an $83 million loan from Wintrust Bank, ensuring the project can continue progressing through construction.

For those following new developments in South Loop Chicago, this project is one of the most notable currently underway. It represents the first phase of the larger Riverline master plan, which will eventually include additional residential towers and expanded riverfront access.

A second tower at 910 South Wells is already in the pipeline, with plans calling for a 28-story building and approximately 350 units. As development continues, the Riverline project is expected to play a major role in shaping the future of the South Loop’s riverfront.

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