June 15, 2018
City officials and representatives from the Howard Hughes Corpation and Riverside Investment staged a groundbreaking ceremony Thursday to mark the beginning of construction on 110 N. Wacker Dr. Rising on the site of the former Morton Salt building, the 51-story tower will be anchored by the Chicago headquarters of Bank of America, which signed on in 2017 for 500,000 square feet.
Mayor Rahm Emanuel tweeted Thursday that the 1.35-million-square-foot project would provide the largest voluntary contribution to date to the city’s Neighborhood Opportunity Fund. The 110 N. Wacker team will contribute more than $20 million to the program.
The NOF generates revenue from downtown developments to finance commercial and cultural projects on the city’s South, West and Southwest sides. In exchange, the downtown developers receive a density bonus on their projects.
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