Abandoned Skyscraper Project: Construction To Restart After Decade-Long Pause

Chloe Fitzgerald

4 min read

Post on Apr 26, 2025

4.5

Share

The History of the Abandoned Skyscraper Project

Initial Plans and Ambitions

The Apex Tower, initially envisioned in 2010, was to be a breathtaking 120-story skyscraper, a modern architectural marvel dominating the Chicago skyline. Developed by Zenith Construction, the project promised luxurious residential units, high-end commercial spaces, and state-of-the-art amenities. The initial plans showcased a sleek, glass-and-steel design, aiming to set new standards for sustainable high-rise living.

• Original completion date: 2017
• Initial budget: $2 billion
• Key design features and architectural style: Sleek, modern glass-and-steel design, incorporating green building technologies.
• Projected economic benefits: Thousands of jobs created during construction, significant boost to local businesses, and increased tax revenue for the city.

The Reasons for the Pause

Unfortunately, the ambitious Apex Tower project came to a screeching halt in 2013. Several factors contributed to its abandonment.

• Specific financial challenges encountered: The 2008 financial crisis significantly impacted the project's funding, making it difficult to secure necessary loans and investments.
• Legal hurdles or disputes: Lawsuits related to land acquisition and construction contracts further delayed progress and drained resources.
• Economic factors that contributed to the standstill: The sluggish post-recession economy made attracting new investors challenging.
• Significant changes in city regulations that impacted the project: New building codes and environmental regulations added unexpected costs and complexities to the project.

The Decision to Restart Construction

New Investors and Funding

Remarkably, the Apex Tower project is being resurrected thanks to a strategic partnership between Nova Capital and Sterling Investments. These firms have injected a significant amount of capital into the revitalized project.

• Names and details of new investors/funding sources: Nova Capital and Sterling Investments, both known for their expertise in large-scale urban development.
• The amount of new investment: $1.5 billion
• How the funding addresses previous financial issues: The new investment provides the financial stability needed to overcome the previous financial hurdles and complete the project.

Revised Plans and Design Changes

While the overall vision remains largely intact, the revived Apex Tower project incorporates some key modifications.

• Significant design modifications: Minor adjustments to the building's facade and internal layout to optimize efficiency and sustainability.
• Changes to building materials or techniques: The incorporation of even more advanced sustainable building materials and technologies.
• Adjusted timelines and projected completion dates: The projected completion date is now set for 2027.
• Any changes to the intended use of the building: The residential and commercial space ratio has been slightly adjusted based on current market demands.

The Impact of the Restart

Economic Benefits for the City

The restart of the Apex Tower project promises significant economic benefits for Chicago.

• Estimated number of jobs created: Over 5,000 construction jobs and numerous related employment opportunities.
• Positive impact on local businesses: Increased demand for goods and services from local businesses during the construction phase and beyond.
• Contribution to city tax revenue: Significant increase in property taxes and other revenue streams.

Community Perspectives

The project's revival has been met with mixed reactions within the community. While many residents welcome the economic boost and the return of a landmark project, some remain concerned about potential traffic congestion and the impact on surrounding neighborhoods. Developers have initiated community engagement programs to address these concerns.

• Quotes from community members: "It's great to see this project finally moving forward," said one local resident. "But we need to make sure the community's concerns are heard."
• Discussions about any negative impacts or concerns: Traffic management plans and mitigation strategies are being developed to address concerns about increased traffic.
• Outlines of efforts to address community concerns: The developers are committed to open communication and collaboration with the community.

Conclusion

The Apex Tower, once an abandoned skyscraper project symbolizing unrealized ambition, is now poised for a triumphant return. Its decade-long pause, attributable to financial setbacks, legal disputes, and economic downturns, serves as a reminder of the complex challenges in large-scale urban development. However, the injection of new investment and revised plans signal a renewed commitment to completing this iconic structure. The project's restart promises significant economic benefits for Chicago, including job creation, a boost to local businesses, and increased tax revenue. While community concerns remain, the developers' commitment to engagement offers hope for a positive outcome. Stay updated on the progress of this exciting revitalization project and witness the transformation of this once-abandoned skyscraper project into a symbol of Chicago's enduring spirit.