Major New Mixed-Use Development Announced for Chicago’s Tony Streeterville Neighborhood
A co-development and joint venture between Mavrek Development, GW Properties, and Luxury Living Chicago Realty are teaming to build a mixed-use development in Chicago’s Tony Streeterville neighborhood.
Designed by architectural and engineering firm NORR, the plan is for the property to include 248 Class A luxury apartments, 40,000 sf of office space, and 8,000 sf of street-level retail on the northeast corner of E Grand Avenue and N St Clair just off the world famous Magnificent Mile retail strip on Chicago’s Near North Side.
Adam Friedberg, Partner at Mavrek Development says “we’ve assembled a best-in-class team, and we are thrilled to have secured the opportunity to add to Streeterville’s skyline and ecosystem. With a Whole Foods steps from the development site and easy access to Lake Shore Drive and Michigan Avenue, this is a prime location well suited for retail, office and multifamily.”
In addition to the multifamily offering, the property will 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.
“We’re seeing a flight to quality in the office market in Chicago,” stated Anthony Hrusovsky, Partner at Mavrek. “Companies are using new space and residential level amenity offerings to attract their employees back to the office.
Demolition is expected to start mid-summer with groundbreaking by the end of the year. The office will be ready for tenant build outs to start Q3 2023, with the residential delivering in early 2024.
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