A new skyscraper is on track to become the City of Chicago’s second tallest building. Aldermen recently approved plans for Tribune Tower East, which will eventually rise up 102 stories.
When finished, the skyscraper will surpass Trump Tower, which is currently Chicago’s second tallest tower. It will also become the nation’s third tallest building.
The $700 million project calls for more than 500 new condos and apartments, a 200-room hotel and space for hundreds of cars in its parking garage. Around a dozen of the apartments will be set aside as affordable housing.
In exchange, developers will be paying millions into the city’s Affordable Housing Opportunity Fund and millions more into Chicago’s Neighborhood Opportunity Fund. They’ll also be renovating nearby Pioneer Court Plaza to help create new outdoor seating, green space and a path leading to Cityfront Plaza.
Construction could begin as early as late next year or early 2022. The new tower is expected to create thousands of construction jobs for Chicago and hundreds of permanent jobs.