study were favorable and it was decided to renovate and add on to the old tower. In 2012, 111 West Wacker Partners LLC, the new joint venture, proposed a completely new design that re-purposed the existing structure into a luxury rental tower to better suit the current real estate market. As a result, the building would no longer contain a hotel and condominiums, but contain 506 rental units, an expansive first-floor retail space, and 439 parking spaces. The new building, designed by Handel Architects, is substantially smaller in height, at 59 stories and tall. In January 2015, about six months after its opening, developer Related sold the whole building for $328.225 million to Heitman. The average price of $651,000 per unit reportedly set a record for apartment buildings in Chicago. See also The Peninsula Chicago List of buildings List of skyscrapers List of tallest buildings in Chicago List of tallest buildings in the United States World's tallest structures Notes External links Waterview Tower on Chicago Architecture Info Official renderings of upcoming building Additional Renderings Official Website Residential skyscrapers in Chicago 2014 establishments in Illinois Residential buildings completed in 2014