The second phase of the three-skyscraper project at Wolf Point scored its first building permit today. Located at the confluence of the Chicago River’s main, north, and south branches, the upcoming tower will occupy one of the city’s most visible downtown sites. With the official all-clear granted by City Hall, the relatively compact peninsula will soon be swamped with crews working to construct the 60-story rental apartment tower known as Wolf Point East.

The scope of the newly issued permit covers foundation work and construction on the first six levels of basement parking. While this first portion of work is estimated at $60 million, the tower’s overall cost is reportedly $360 million. The project comes from design firm Pelli Clarke Pelli and architect of record Pappageorge Haymes. Developers the Kennedy family and Hines Interests have teamed up with AFL-CIO trust—a group that invests in real estate on behalf of union workers' pension plans.

While the newly green-lit east tower was originally zoned to rise 750 feet and contain 707 dwelling units, the plan was modified last fall to instead top-out around 660 feet and deliver 698 rental apartments. It’s speculated that some of the unused density could be shifted over to the next phase of the project. Dubbed Wolf Point South, the third and final high-rise is believed to contain an office component and will tower at least 950 feet over the Chicago River.

In addition to the glassy eastern tower, the current phase of the Wolf Point development will expand an existing landscaped riverwalk along the site’s edge. A new southbound, contra-flow vehicular traffic lane will also be created on Orleans Street between Hubbard and Wolf Point Plaza to better link the peninsula to the expressway feeder ramps.

According to a March Crain’s report, the highly anticipated riverfront tower was expected to break ground in late spring or early summer. It was also around that time that the Wolf Point developers began marketing their neighboring 48-story west tower for sale. Though expected by some real estate experts to fetch “record pricing,” the 509-unit Wolf Point West building has yet to land a buyer.