320 South Canal Street, BMO Financial Group CEO Darryl White and Riverside Investment and Development CEO John ODonnell (Credit: Google Maps, BMO, Riverside Investment)

Riverside Investment & Development and Convexity Properties officially broke ground on their 50-story BMO Tower, after landing a $476 million construction loan for the West Loop project earlier this month.

The 1.5 million-square-foot-building will be home to BMO Financial Group, which signed a lease for 500,000 square feet and 14 floors. The firm also snagged naming rights to the building. Other companies with signed leases include the law firm Chapman and Cutler, which will also be headquartered there.

Globe St. first reported on the ground-breaking ceremony, held Friday.

The building, which will rise at 320 S. Canal St., and is expected to open in 2022. It will include 400 parking spaces, and there will be a 1.5-acre park adjacent to it. The project is near the Old Post Office, whose 2.5 million-square-foot space is undergoing a massive redevelopment.

Mayor Lori Lightfoot attended the groundbreaking ceremony, and said the BMO Tower will serve as a vital link to economic, cultural and recreational investments for residents and visitors, according to Globe St. [Globe St.] Jacqueline Flynn

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Riverside Investment breaks ground on 1.5M sf BMO Tower project - The Real Deal