search

The Real Deal Logo

Trending

Fort Lauderdale crane collapse victim seeks over $50M in damagesFort Lauderdale crane collapse victim seeks over $50M in damagesTides’ original investors may be wiped out by preferred equity dealTides’ original investors may be wiped out by preferred equity dealLA court strikes down SB9 law allowing single-family lot splitsLA court strikes down SB9 law allowing single-family lot splitsLandlords to Rent Board: The Bronx will burn againLandlords to Rent Board: The Bronx will burn again
Commercial
Chicago

North Wells Capital will add to its growing River North office development

Larger spaces to help firm hold on to fast-growing tech tenants

From left: A rendering of the project at 301 West Huron Street and 308 West Erie Street, North Wells Capital CEO Jim Fox, and the site at 320 West Huron Street (Credit: Google Maps and North Wells Capital)
From left: A rendering of the project at 301 West Huron Street and 308 West Erie Street, North Wells Capital CEO Jim Fox, and the site at 320 West Huron Street (Credit: Google Maps and North Wells Capital)

North Wells Capital is bullish on River North.

The asset management arm of Chicago-based developer Urban Innovations wants to build a 24-story office complex at 300-324 West Huron St., according to Crain’s. North Wells acquired the property in March for $16 million, following JFJ Development’s failed condo project there.

The tower could be up to 260,000 square feet, which would bring its development pipeline in River North to nearly half a million square feet.

Sign Up for the undefined Newsletter

North Wells CEO Jim Fox told Crain’s that the new complex will help it hold onto tech tenants that have outgrown the firm’s space in the past.

In April, North Wells requested a zoning change that would allow it to expand its existing office building at 308 West Erie Street, as well as build a new 15-story, 162,000-square-foot building at 301 West Huron Street.

The firm also has a pending proposal to add about 86,000 square feet of combined retail and office space to the seven-story loft office building and adjacent parking lot at 308 West Erie, which it bought for $13 million in 2017.

The developer already owns 10 low-rise office buildings north of Hubbard Street and west of Wells Street in River North, the city’s tightest office submarket. [Crain’s] — Kevin Sun

Tags
OfficeRiver North