CHICAGO-The Kennedy family has renewed amassive three-building project at Wolf Point onthe Chicago River downtown, just north of the West Loop. TheKennedys, along with three investors includingHines, Magellan Development Groupand an unnamed overseas entity, proposed at a community meetingTuesday night a plan for two office buildings and an apartmenttower that would cost more than $1 billion.

The family sold the nearby Merchandise Mart toVornado Realty Trust some time ago, but kept itshold on the 4-acre parcel at the junction of the north, south andeast branches of the Chicago River. There have many developmentproposals for the historic property, known as the location of thecity’s first bar and hotel, and one of the city’s signaturelocations as depicted in municipal logos.

Tuesday night, Kennedy Enterprises joined Hinesand Magellan in a public meeting at the nearby Holiday Inn for anunveiling of the plan, hosted by local 42^nd WardAld. Brendan Reilly. The three-phased project includes a950-foot-tall office building, a 750-foot-tall office building anda 525-foot-tall apartment tower, totaling almost 3.7 million squarefeet. Also planned are a new public park, enhancements to the riverwalk area and a parking garage. The design team includesPelli Clarke Pelli Architects, bKL Architecture and WolffLandscaping Architecture.