Construction financing has been secured for Saint Grand, a 21-story mixed-use building in Chicago. Mavrek Development has partnered with GW properties, Luxury Living Chicago Realty, and Double Eagle Development for the project.
The proposed 248 luxury apartment apartments, 40,000 square feet of office space, and 8,000 square feet of street-level retail space will be made a reality with the aid of the US$102.2 million loan. The apartments, which were created by NORR, are situated at 218 E. Grand Ave., close to Michigan Avenue’s dining, shopping, and entertainment options as well as Lake Michigan and the Northwestern Hospital campus.
In order to meet the desires of post-pandemic renters, the construction will provide a variety of floorplans, from studios to two bedrooms, with a focus on in-unit workstations and private outdoor space. A variety of amenities will also be available, such as a cutting-edge package receiving service, a co-working space, a specialist fitness center, and an outdoor pool and deck.
Construction is planned to start by the end of the year, and demolition is already started. The residential half is expected to be delivered in early 2024, and the office portion should be available for tenant buildouts in the third quarter of 2023.
More on The Saint Grand project in Chicago
The building will also feature Class-A office space, with a unique flagship opportunity at 535 N. St. Clair, in addition to the multifamily units. In Streeterville, this is the first Class-A office delivery in a while. Private outdoor areas, contemporary ventilation systems, and other deliberate post-pandemic health safety features are also included in the two full floors of office space.
Office occupants will also be able to take advantage of the apartment’s amenities. The building will take the position of the parking garage at 535 N. St. Clair. Senior Director Chris Knight oversaw the JLL Capital Markets Debt Advisory team that was working on behalf of the borrower.