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North Wells Capital Plans Major Expansion in River North
North Wells Capital already controls nearly 700,000 square feet of office in River North, but plans on building more. The investor and developer has added a possible development at 320 W. Huron St. to a pair of neighboring office projects it recently proposed at 301 W. Huron (pictured) and 306 W. Erie, for a total of 500,000 square feet.
“For four decades our firm has been a leader in making River North a vibrant community for people to live, work and shop,” said North Wells CEO Jim Fox. “This area around Huron and Franklin continues to see strong demand for office space, new upscale residences, retail stores and restaurant options.
“We’ve incubated a number of tenants who’ve outgrown the space availability in River North and left for Fulton Market or the Central Loop,” he continued. “These developments are intended to give tenants the River North the options they’ve been looking for. The feedback we’ve gotten on our plans has been overwhelmingly positive.”
River North office vacancies are the lowest among six CBD submarkets CBRE tracks, standing at 10% at the end of July.
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