Onni Group, a Vancouver-based real estate developer, has announced plans to invest $1 billion in a mega-project near the site of the upcoming Bally’s Chicago Casino. The project, dubbed Riverfront Square, will be a mixed-use development featuring residential, commercial, and entertainment spaces, as well as a boutique hotel and green spaces.
The development will be located on a prime 8-acre site along the Chicago River, just steps away from the new Bally’s Casino, which is set to open its doors in late 2023. This proximity to the casino is seen as a major draw for Onni Group, as they believe it will attract both locals and tourists to their development.
Riverfront Square will feature a mix of luxury condominiums, rental apartments, and townhomes, catering to a variety of demographics. In addition, the project will include retail and dining spaces, a state-of-the-art fitness center, and a rooftop pool with stunning views of the city skyline.
One of the most exciting aspects of the project is the inclusion of a boutique hotel, which will offer a unique and immersive experience for visitors. The hotel will feature stylish and contemporary design elements, as well as amenities such as a spa, restaurant, and private event spaces.
In a press release, Onni Group’s CEO, Rossano De Cotiis, expressed his enthusiasm for the project, stating, “We are thrilled to be a part of the exciting growth happening in Chicago, and we believe that Riverfront Square will set a new standard for luxury living in the city. With its prime location near the Bally’s Casino and stunning riverfront views, we are confident that this development will be a major success.”
Construction on Riverfront Square is set to begin in early 2022, with completion expected in 2025. The project is expected to create thousands of jobs and inject millions of dollars into the local economy.
Overall, Onni Group’s $1 billion investment in Riverfront Square is a significant vote of confidence in the future of Chicago’s real estate market and a major boon for the city’s ongoing revitalization efforts. As the project takes shape, it is sure to become a focal point of the vibrant River North neighborhood and a destination in its own right.
