Plans are in the works to transform Chicago's skyline once again.
Real estate development company Related Midwest unveiled a vision Tuesday for the site of what would have been the Chicago Spire, where the Chicago River meets Lake Michigan in the city's Streeterville neighborhood.
Now called simply 400 Lake Shore Drive, the proposal includes two soaring towers that will be home to luxury condominiums, apartments, a boutique hotel and parking, Related Midwest said in a statement.
The 2.2-acre site now contains just a deep hole in the ground, the beginning of foundational construction for the Chicago Spire, which failed financially during the recession in 2008.
Nearly a decade later, architect David Childs - who designed One World Trade Center in New York City - has created a plan for the development that includes two massive skyscrapers.
At 1,100 feet tall, the South Tower would become the fifth tallest building in Chicago (falling to sixth after the nearby Vista Tower project is completed in 2020). That tower will house 300 condominiums and a 175-room hotel. At 850 feet, the North Tower will contain 550 rental units, the development company said.
During a community meeting on Tuesday, the developers and 42nd Ward Ald. Brendan Reilly released details of the proposal - which includes a $10 million contribution from Related Midwest towards the completion of DuSable Park.
The development company also said the project will include an extension of the Chicago Riverwalk from Michigan Avenue to Lake Michigan, passing under Lake Shore Drive along the site of the towers.
The proposal awaits zoning approval from the City and financing before it can begin - with construction expected to take four-and-a-half years from start to finish.