When the Illinois and Michigan Canal opened in 1848 , the landmass at Wolf Point was decreased by dredging to accommodate a turning basin for ships . In the autumn of the same year the Galena and Chicago Union Railroad opened Chicago 's first railroad depot at Wolf Point , on the southwestern corner of Kinzie and Canal Streets . By 1857 the site of Wolf Point Tavern was being used as a lumber yard ; the Fulton Elevator , one of Chicago 's earliest grain elevators , was built just to the north of the former tavern in 1852 . Several blocks to the west of Wolf Point were destroyed in a large fire on September 15 , 1859 . The Fulton Elevator survived this , and the Great Chicago Fire of 1871 , but was burned down on September 7 , 1873 . It was rebuilt in the same year , and another grain elevator , the St Paul Elevator , was added immediately to the south of the original in 1879 . The Chicago , Milwaukee and St. Paul railway company purchased both elevators in 1889 for $ 400,000 ( $ million today ) , but demolished them in 1906 . Currently , the site is occupied by the Riverbend Condominiums at 333 North Canal Street
Great Chicago Fire
Great Chicago Fire
Wolf Point, Chicago