A Streeterville parking garage is poised to change into Chicago’s next high rise thanks to a $102 million loan to a crew of developers with big ambitions for the property.
A joint venture of Mavrek Development, GW Properties, Luxury Living Chicago Realty and Double Eagle Development closed on the construction loan with New York-based MSD Partners to fund construction of a mixed-use 21-story tower. The project will feature mostly luxury apartments–a total of 248 units–with 40,000 square feet of offices and street-level retail, according to the developers.
The project has been dubbed the Saint Grand and is set to rise at the northeast corner of East Grand Avenue and North St. Clair Street.
Combining the apartments with the office space is a new tack in Chicago’s Streeterville neighborhood, the developers said, providing an option for commercial space users in a mostly residential building. The concept is being pushed forward just as a recent agreement between WeWork and another Chicago developer, Cedar Street, allowed the coworking firm to offer its first space in a residential building as an amenity in a development in Uptown.
The developers said they believe they can capitalize on the trend of office users migrating into smaller spaces that are more expensive to rent on a per-square-foot basis but offer access “residential level” amenity packages, said Mavrek’s Anthonthy Hrusovsky, such as state-of-the-art fitness centers and ample lounge space where coffee and cocktails are available.
MSD didn’t immediately respond to a request for comment.
Demolition of the parking garage is underway and the developers plan to break ground before the end of the year. The building will be designed by Chicago-based architecture firm NORR.
Mavrek is active among the city’s developers, with plans to develop another ground-up mixed-use project at 1016 West Jackson Boulevard, among other properties.
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