WOLF POINT (Left) Photograph of an architectural model of the 525-foot residential tower that will be the first of three buildings constructed at Wolf Point near Merchandise Mart. Photo obtained from bKL Architecture, the Chicago firm commissioned to design the tower. (Click on images to view larger versions.) 26-Feb-13  With proper advance notice this time, the Committee on Zoning, Landmarks and Building Standards again approved a zoning reclassification that will let developers build a 525-foot, 510-unit residential tower at Wolf Point. Most of the people speaking during one hour and eight minutes of discussion in Council Chambers at City Hall Tuesday morning were in favor of the project. Supporters say it will attract $1 billion in investment, 2,000 jobs, and $40 million per year in tax revenue with no taxpayer subsidy. The first tower alone will cost $175 million and create 400 construction jobs, according to Jack George, an attorney for Houston-based Hines Interests L.P., which will develop the 3.85-acre site on land owned by the Kennedy family. This is probably one of the most comprehensive planned developments that will come before you, George told the committee. The amount of detail that has gone into providing for this planned development, it is truly extensive a project. About 15 people attended the meeting in support of Friends of Wolf Point, a vocal critic of the project. The group is concerned that increased traffic as a result of the development will overwhelm their neighborhood. Ellen Barry, president of the non-profit group, again disputed traffic studies commissioned for the project. She says the infrastructure near Wolf Point has not been upgraded in 40 years and she is especially concerned about street-level railroad crossings. Additional development at this complexity, she fears, will only add continued major risk to the safety of people coming over those tracks. 42nd Ward Alderman Brendan Reilly assured the committee the city would be making substantial changes to greatly enhance pedestrian and vehicular safety on the site and that safety at railroad crossings would be improved. This has been a lengthy process that I believe has worked, said Reilly. Im sad that not everyone is thrilled with the project but I think, given where we started from 14 months ago, this is a vast, vast improvement over what was introduced initially. After being approved by the Chicago Plan Commission on January 24, the project passed the zoning committee on February 11 but Friends of Wolf Point got the meeting repeated after pointing out the project had not been posted on any official city agenda. (Above) Rendering of the three-tower development, visualized from the south. Behind the towers are 350 West Mart Center at left and Merchandise Mart at right. The committee approved amendment of Planned Development 98 that was first approved on June 22, 1973. The project will eventually include a 950-foot south tower and a 750-foot east tower that will both contain a mix of office, retail, and residential space. Related story: Wolf Point neighbors ask city council to delay approval By Steven Dahlman | Loop North News | sdahlman@loopnorth.com Tweet FREE WEEKLY EMAIL UPDATE Whats news in the Loop and Near North

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