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.
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.