Related Midwest said 400 Lake Shore will be a two-tower residential development located at the intersection of the Chicago River and Lake Michigan.
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The first phase is a 72-story residential tower.
Concrete poured over a 12-hour period Thursday will form the foundation of the building.
Drone footage of the site shows the infamous hole left behind by the Spire.
SEE MORE: Famed architect proposes 2 skyscrapers on site of failed Chicago Spire
"It's an extraordinary place," architect David Childs previously said.
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The first tower under construction is currently the tallest tower under construction in the city, a news release said.
The project will also add 4.5 acres of open and green space to Streeterville, including construction of DuSable Park and completion of the Founder's Way path on the Chicago Riverwalk to create a pedestrian path to the lake, the release said.
It will house 635 new apartments, 20% (127 units) of which will be affordable, and other public amenities.
The first tower is expected to be finished in early 2027.
"We are proud of the groundbreaking of Phase One at 400 Lake Shore, a project that will not only redefine Chicago's skyline but also bring new opportunities for affordable housing to our beautiful lakefront," Chicago Mayor Brandon Johnson said in a statement.