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$476M loan on BMO Tower project will send shovel in ground

Riverside and Convexity snagged the loan for the 1.5M sf tower from a group that includes BMO Harris Bank

A rendering of BMO Tower at 310 South Canal Street and BMO Financial Group CEO Darryl White 
A rendering of BMO Tower at 310 South Canal Street and BMO Financial Group CEO Darryl White 

Riverside Investment & Development and Convexity Properties snagged a monster loan on their 1.5-million-square-foot BMO Tower that is set to break ground next month.

BMO Harris Bank, Bank of America and Citizens Bank provided the $476 million construction loan for the 50-story building, which will rise next to Union Station, according to the Chicago Tribune. BMO Financial Group took the naming rights on the building after signing a 500,000-square-foot lease last year. The company will take 14 floors.

BMO Financial currently occupies three other offices in the Loop area: 115 South LaSalle Street, 111 West Monroe Street and 200 West Adams Street.

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The Chicago-based developers have not released the total cost, the Tribune reported. The project, designed by Goettsch Partners, will break ground once a 1,700-vehicle parking garage is demolished. Plans also include a 1.5-acre park next to the tower.

Next door is the 2.5 million-square-foot Old Post Office redevelopment project. [Tribune] — Jacqueline Flynn