July 18, 1977 -- The developers of River City
outline a proposal that they say will add $110 million to Chicago’s
economy. Robert McGowan, president of
Chessie Resources, Inc., the owner of the site on the east side of the Chicago
River south of the Loop and a partner in the development plan, predicted that
the 11,000 people who will occupy the residential towers at River City will add
that amount of money to the city’s downtown stores. Bertrand Goldberg, the architect of the three
72-story towers projected for the site, says, “The beauty of the project is
that no city money will be involved in the construction phase. Everything – the schools, recreational facilities,
sewers, streets, and sidewalks – will be provided with private capital.” [Chicago
Tribune, July 19, 1977] Goldberg’s
plans include three towers, each of which will have three separate sections
connected every 18 floors by two-story service areas, containing schools, a
day-care center, 24-hour nursing service, a gym, mail room, security center,
laundry and convenience stores.
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