A joint venture led by Mavrek Development is planning a 21-story apartment building for a corner lot in Streeterville, just one block from the Magnificent Mile.
The Chicago-based developer wants to build a 248-unit high-rise at 535 North St. Clair Street, at the corner of East Grand Avenue, Crain’s reported. The building, which will be designed by Chicago-based architecture firm NORR, will also include 41,000 square feet of office space and 8,000 square feet of ground-floor retail.
Mavrek is teaming up with retail developer GW Properties and apartment consulting firm Luxury Living Chicago Realty for the project.
The site, which is currently home to a three-story parking garage, is just on the other side of Michigan Avenue from the Shops at North Bridge mall and down the street from a Whole Foods and the InterContinental Chicago hotel.
Current zoning for the property allows for the project to move forward without special approval from the City Council.
The proposed development will include multiple small apartments. Half of the 248 residences will be studio units ranging in size from 492 to 706 square feet and the remaining units will be one- and two-bedrooms. According to the proposal, most of the apartments will have balconies and the building will have a coworking lounge, fitness center and rooftop outdoor pool and deck.
Luxury Living Founder and CEO Aaron Galvin said apartment demand has changed since the beginning of the pandemic. “We have seen a shift in renter demand asking for more one-bedroom and den spaces and paying premiums for units with private outdoor space,” Galvin said.
Mavrek has developed multiple low-rise multifamily projects in Chicago, but this new project will represent Mavrek’s first highrise development in the central business district.
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[CCB] — Victoria Pruitt