A joint venture led by Mavrek Development plans to build a 21-story apartment tower in Streeterville, near the Magnificent Mile.
The 21-story, 248-unit structure at northeast corner of East Grand and North St. Clair street will be the first rental project in the Streeterville neighborhood in what could be five years, Crain’s Chicago Business reports.
Chicago based NORR is designing the building, which also will include 41,000 sq. ft. of office space, 8,000 sq. ft. of ground-floor retail space and 100 parking spaces.
“We have seen a shift (since COVID-19) in renter demand asking for more one-bedroom and den spaces and paying premiums for units with private outdoor space,” Luxury Living founder and CEO Aaron Galvin said in the statement.
The project will be the first high-rise for Mavrek. The firm has developed low-rise multifamily projects in Chicago neighborhoods but nothing vertical in the central business district since it was established in 2010. The firm’s biggest apartment project to date is a 171-unit building in Cleveland, their website shows.
GW Properties is a retail specialist, with recent acquisitions including Church Street Plaza, a shopping center in downtown Evanston, Crain’s says.
“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,” Mavrek partner Adam Friedberg said in the statement.
The developers don’t need the City Council’s approval for their proposal because their project is allowed under current zoning for the property. However, they still need to secure equity financing and a construction loan for the development, the business publication says.