A construction loan of US$ 59.8M has been obtained by Vista Properties from JLL Capital for the Chicago project 741 North Wells. In the first quarter of 2024, the 3,580 square-foot project with 168 apartments is expected to be finished. The units will be roomy, with an average size of 740 square feet.
Bike storage, a coworking space, a rooftop pool and sundeck, and a fitness facility will all be provided as community facilities. The address 741 North Wells St. is situated on the east side of North Wells Street just south of the junction of Chicago Avenue. Both Chicago Avenue and Wells Street are major thoroughfares that offer easy access to the east, west, north, and south of the city.
Amenities near 741 North Wells project
Residents may easily access the purple/brown and red lines from the property. They will have easy access to Old Town, the Rush and Oak Street Corridors, the Magnificent Mile, River North, the Central Business District, and the Clybourn Corridor thanks to the project’s central location.
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Many will also gain from the expanding corporate sites along the Wells Street Corridor and will have access to 3.9 million square feet of office space within a 15-minute walk. Given that 90,000 people with an average family income of US$ 125,000 live within one mile of each other, the location is quite appealing for shops. There are also over 4,000 hotel rooms in the local area.
Vista recently won Plan Commission clearance for a new project that would consist of a 21-story mixed-use skyscraper, as owners of the structures both north and south of this site.
Vista Property Group will be obligated to provide 10% of the building’s units below market rate under the city’s current affordable housing ordinance. The developer plans to provide five of the necessary 18 apartments on-site and pay the remaining debt into the city’s Affordable Housing Opportunity Fund.
