Mayor Rahm Emanuel was on hand to Friday to help break ground on a new 48-story, $160 million development.
Wolf Point West Tower is the first phase of three planned towers, and will feature 509 luxury rental units located southwest of the Merchandise Mart on the banks of the Chicago River.
Two additional towers will include parking, retail and office spaces and potentially a hotel.
Emanuel stressed the project, which will eventually expand to three buildings, will help create more than 2,000 construction jobs.
"Those are not only jobs, but those are people ... who can support a family," Emanuel said.
Residents are expected to begin moving in by the fall of 2015