Downtown Chicago construction company makes $1 billion in IPO

Chicago, Ill.

— Billionaire developer Enron Inc. has been approved to raise money from institutional investors to build a $1.3 billion, 1,000-foot-tall, $100 million tower for its new Enron Tower campus in downtown Chicago.

The approval for the Enron tower is the first of its kind in the United States.

The Enron Corp. plans to use the money to pay for construction, according to a news release from the company.

Enron said it expects to have the tower completed by December 2021.

The new Enrons building will be built on the site of a former office building owned by Enron in the Financial District.

The Enron building is about 50 feet tall and is designed to house approximately 500 people.

It will be called the Chicago Tower and will include a parking garage, retail and residential spaces, an observation deck and public spaces.