Apartment and office project planned in Streeterville
Taking advantage of strong demand for downtown housing as markets emerge from the pandemic, developers said they are planning a 21-story building in Streeterville that will include offices, retail and 248 apartments.
The project will replace a parking garage at 535 N. St. Clair St. Plans call for construction to begin later this year, with completion in early 2024.
Located one block east of Michigan Avenue, the building will offer 40,000 square feet of office space that developers are marketing as a flagship location. The project is a joint venture of Mavrek Development, GW Properties and Luxury Living Chicago Realty.
They said the building, with architecture by NORR, includes design elements suggested by the pandemic, such as apartments that include a work-from-home space. Tenants and office users will have access to a coworking lounge and a fitness center, the developers said. There will be a rooftop terrace with a swimming pool.
Adam Friedberg, partner at Mavrek, said the site at the northeast corner of St. Clair and Grand Avenue is well suited for a mix of uses, including street-level retail and parking. for 100 cars.
“We’ve seen a shift in demand from tenants asking for more one-bedroom plus den spaces and paying premiums for units with private outdoor space,” said Aaron Galvin, founder of Luxury Living Chicago Realty.
The building will fit into the site’s current zoning, so there will be no city council vote on the project. Ald town center. Brendan Reilly (42nd), who announced the project in an email to voters, said the developers agreed with his request to reduce the parking allotment by 138 spaces.
Development in Streeterville has slowed in recent years, with many prime sites having disappeared or awaiting a green light for construction as investors weighed the effects of the pandemic and rising crime in the downtown area. But the activity could be due to the recovery. A hotel has been approved for an empty lot at 150 E. Ontario St. Residential plans include two towers being considered for 400 N. Lake Shore Drive, site of the failed Chicago Spire proposal, and a skyscraper to the east of the conversion into a condo at Tribune La tour.
Even with rents that have topped pre-pandemic rates, demand for downtown apartments remains strong, with occupancy rates around 95%, said Ron DeVries, senior managing director at Integra Realty. Resources. “The pandemic has not reduced the demand for city living,” he said in market analysis published in January.
Mavrek has built new homes in Chicago neighborhoods while GW specializes in retail space.