A co-development and joint venture between Mavrek Development, GW Properties, Luxury Living Chicago Realty, and Double Eagle Development has closed on $102.2 million construction financing with MSD Partners, L.P.
The mixed-use development in Chicago named The Saint Grand is a 21-story project that will include:
- 248 luxury apartment units
- 40,000 square feet of office space
- 8,000 square feet of street level retail space
Units will feature the following amenities:
- Workspaces and private outdoor areas
- Package receiving service area
- Co-working lounge
- Fitness center and outdoor pool
According to RE Business, the project will replace a parking garage located at 535 N. St. Clair. Demolition is underway and construction is expected to begin before the end of the year. The office portion is scheduled to be ready for tenant buildouts in the third quarter of 2023, with the residential portion slated for delivery in early 2024. NORR is the project architect.
Chris Knight of JLL worked on behalf of the borrower to secure the four year loan through MSD Partners.
MultiFamily Press reports that the apartments are located at 218 E. Grand Ave., steps from Michigan Avenue shopping, dining and entertainment and within walking distance to Lake Michigan and Northwestern Hospital campus.
The development will feature a mix of floor plans ranging from studios to 2 bedrooms with an emphasis on in-unit workspaces and private outdoor space to accommodate post-pandemic renter preferences.
"After an exceptionally strong residential leasing season, we have even greater confidence in the ultimate success for The Saint Grand. As a co-developer, we are using the rental trends we are seeing in the market to inform the architecture, design and operations of this property. We have every confidence this property will be well received in the market."
CEO/Founder of Luxury Living Chicago Realty | Aaron Galvin
The property will also include Class-A office space with a rare flagship opportunity located at 535 N. St. Clair. This is the first Class-A office delivery in Streeterville in several years. The two full floors of office space will also include:
- Private outdoor space
- Modern ventilation systems
- Other intentional post-pandemic health safety elements
Office tenants will also be able to enjoy the apartment amenities as an added benefit.
DataBid is currently reporting on this project: 535 N. St. Clair Street Mixed Use Development Streeterville - Chicago (002304022)
