Streeterville Mixed-Use Project To Offer Luxury Apartments, Prime Office Space
Chicago’s Streeterville neighborhood will be getting its first luxury apartment complex since the pandemic began when a mixed-use development replaces a former parking garage at 535 North St. Clair St. in early 2024.
The trio of Mavrek Development, GW Properties and Luxury Living Chicago Realty has announced plans for 218 East Grand, which is set to include 248 Class-A apartments, 40K SF of office and 8K SF of street-level retail on the northeast corner of East Grand Avenue and North St. Clair Street.
“We are excited to continue to develop and invest in Chicago,” Mavrek Development partner Adam Friedberg said in a release. “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.”
The development, set to break ground late this year, will offer a mix of floor plans ranging from studios to two-bedrooms and numerous nods to post-pandemic lifestyles, including in-unit workspaces, private outdoor space, package receiving service and a coworking lounge.
Luxury Living CEO and founder Aaron Galvin said demand is high for one-bedroom-plus-den spaces, with tenants willing to pay premiums for private outdoor access. The property is being designed by NORR.
“As a co-developer, we can use the rental trends we are seeing in the market to inform the architecture, design and operations of this property,” he said of the development, which will also include two floors of office space with private outdoor space, high-end ventilation systems and other post-pandemic health and safety elements.
Office tenants will also have access to apartment amenities.
Galvin told the Chicago Business Journal he expects the city’s apartment market to continue strong growth over the next several years.
“There is a shortage of new apartment supply for the next two years, and in turn, rent prices will continue to rise,” he said. “The Class-A apartment market is now exceeding pre-pandemic levels, and occupancy has never been higher, averaging 94%. When this property delivers in early 2024, the Chicago Class-A market will be stronger than ever.”
Demolition of the current garage is expected to start midsummer with construction to begin in the fall. The office space is slated to be ready for tenant build-outs in Q3 2023, with the residential delivering in early 2024.
