Lend Lease forms $1.5b Chicago development JV
Australia-based Lend Lease Group has entered into a joint venture with Chicago-based developer CMK to develop 13 acres of land in the South Loop along the Chicago River. The $1.5 billion development will include apartments, condominiums, retail and commercial space, and community facilities.
The site, which runs on the east side of the river from Harrison Street south to Roosevelt Road, will be developed over 10 years. The venture aims to file plans with the city soon and break ground in early 2016.
The joint venture is part of Lend Lease’s efforts for its Americas development business. With an emphasis on major gateway cities, Lend Lease has already begun to build its position with the acquisition of three new mixed-use urban regeneration projects in New York City, Boston and Chicago.
“The company’s strategy in America is to shift our business from being construction-led to being development-led over the coming years,” said De