A co-development and joint venture between Mavrek Development, GW Properties, and Luxury Living Chicago Realty announce plans for a mixed-use development in the heart of Chicago’s Streeterville neighborhood. Designed by NORR, the property includes 248 Class A luxury apartments, 40,000 square feet of office, and 8,000 square of street-level retail on the northeast corner of E Grand Avenue and N St Clair.
The apartments are located at 218 E. Grand Ave., steps from Michigan Avenue shopping, dining and entertainment and walking distance to Lake Michigan and the Northwestern Hospital campus.
“We are excited to continue to develop and invest in Chicago,” said Adam Friedberg, Partner at Mavrek Development. “We’ve assembled a best-in-class team, and we are thrilled to have secured the opportunity to add to Streeterville’s skyline and ecosystem. With a Whole Foods steps from the development site and easy access to Lake Shore Drive and Michigan Avenue, this is a prime location well suited for retail, office and multifamily.”
The development will feature a mix of floorplans ranging from studios to 2 Bedrooms with an emphasis on in-unit workspaces and private outdoor space to accommodate post-pandemic renter preferences. There will also be a suite of amenities, including an innovative package receiving service offering, state-of-the-art co-working lounge, specialized fitness center and outdoor pool and deck.
“We have seen a shift in renter demand asking for more 1 Bedroom + den spaces and paying premiums for units with private outdoor space,” said Aaron Galvin, CEO/Founder of Luxury Living Chicago Realty. “As a co-developer, we can use the rental trends we are seeing in the market to inform the architecture, design, and operations of this property. We have every confidence this property will be well received in the market.”
In addition to the multifamily offering, the property will include Class-A office space with a rare flagship opportunity located at 535 N. St Clair. This is the first Class-A office delivery in Streeterville in several years. The two full floors of office space also include private outdoor space, modern ventilation systems and other intentional post-pandemic health safety elements. Office tenants will be able to enjoy the apartment amenities as an added benefit.
“535 St Clair will be the first of its kind in the Streeterville submarket, which we think will result in strong tenant demand,” added Shai Wolkowicki, Principal of GW Properties.
The property will replace a parking garage located at 535 N St Clair. Demolition is expected to start mid-summer with groundbreaking by the end of the year. The office will be ready for tenant build outs to start Q3 2023, with the residential delivering in early 2024.
“This development is the culmination of many hours of hard work and team collaboration,” said Peter Koch, Partner at Mavrek. “The project is slated to begin construction in the Fall, and we are eager to get going.”
Stay tuned for more news about this project and future LLCR developments.
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