Following split with CMK, Lendlease moves ahead with riverfront mixed-use complex

Companies previously agreed partner on a $2 billion project in the South Loop

Chicago /
Apr.April 10, 2018 04:14 PM

Rendering of Southbank (Credit: Perkins + Will)

Last month, Lendlease and CMK Companies announced they would dissolve their joint venture to build Riverline, a massive $2 billion mixed-use project in the South Loop. The separation was never explained and the development firms split more than 15 acres into two parcels, one wholly owned by Lendlease, the other by CMK.

Now, Lendlease is moving ahead with its own plans for the 7.5-acre parcel along the South Branch of the Chicago River.

The project, which will be known as Southbank, will include about 2.5 million square feet development at a cost of about $1.2 billion, the Tribune reported last month.

Lendlease’s Justin Patwin said the company’s portion of the site is zoned to include as many as 2,700 residential units. The exact number of units and whether the project will include office space — which zoning allows — are among the decisions that remain to be made, he said, noting that market demand would help determine those details.

CMK’s portion, on the southernmost 8 acres, will retain the Riverline name. It will build more than 1,000 residential units, an unspecified mix of rentals and condos. The project will cost about $800 million, according to the Tribune.

A master plan drawn up by Perkins + Will, which includes a riverfront park and walkway, is expected to remain for both developments.

Lendlease has served as a general contractor for CMK projects in the city. CMKs’ Colin Kihnke has said  the relationship would continue, and that the breakup was not the result of any conflict. Lendlease declined to discuss why the partnership dissolved for this articele. CMK Companies did not respond to a request for comment.

 

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