CHICAGO, IL – A co-development and joint venture between Mavrek Development, GW Properties and Luxury Living Chicago Realty announces plans for a mixed-use development in the heart of Chicago’s Streeterville neighborhood. Designed by NORR, the property comprises 248 luxury Class A apartments, 40,000 square feet of office space and 8,000 square feet of street-level retail at the northeast corner of E Grand Avenue and N St Clair .
The apartments are located at 218 E. Grand Ave., steps from shopping, dining and entertainment on Michigan Avenue and within walking distance of Lake Michigan and the Northwestern Hospital campus.
“We are excited to continue to develop and invest in Chicago,” said Adam Friedberg, partner at Mavrek Development. “We have assembled a top notch team, and we are thrilled to have been given the opportunity to add to the Streeterville skyline and ecosystem. With a Whole Foods just steps from the development site and access easy to Lake Shore Drive and Michigan Avenue, this is a prime location well suited for retail, office and multi-family buildings.
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 tenant preferences. There will also be a suite of amenities, including an innovative package receiving service offering, a state-of-the-art coworking lounge, a specialty fitness center, and an outdoor pool and deck.
“We’ve seen a shift in demand from tenants asking for more 1 bedroom + den spaces and paying premiums for units with private outdoor space,” said Aaron Galvin, CEO/Founder of Luxury Living Chicago Realty. “As co-developer, we can use the rental trends we see in the market to inform the architecture, design and operations of this property. We are confident that this property will be well received in the market.
In addition to the multi-family 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 for several years. The two full floors of office space also include private outdoor space, modern ventilation systems and other intentional post-pandemic health safety features. Office tenants will enjoy the amenities of the apartment as an added benefit.
“We are seeing a flight to quality in the Chicago office market,” said Anthony Hrusovsky, partner at Mavrek. “Companies are using new offers of space and amenities at the residential level to attract their employees to the office.”
“535 St Clair will be the first of its kind in the Streeterville submarket, which we believe will drive strong tenant demand,” added Shai Wolkowicki, Director of GW Properties.
The property will replace a parking garage located at 535 N St Clair. Demolition should begin in mid-summer and groundbreaking by the end of the year. The office will be ready for tenant construction from Q3 2023, with residential delivery in early 2024.
“This development is the culmination of many hours of hard work and team collaboration,” said Peter Koch, Partner at Mavrek. “The project is expected to begin construction in the fall, and we can’t wait to get started.”
About Mavrek Development: Mavrek Development, founded in 2010, has quickly become one of Chicago’s most active developers. The company began building luxury single-family homes and has since grown its business focusing on high-quality infill urban multi-family and mixed-use projects. With their dedication to Chicago and their collaborative approach to executing complex projects, Mavrek represents the next generation of Chicago developers.
About GW Properties: Through deep-rooted and diverse relationships in the commercial real estate industry, GW Properties has developed expertise in commercial and mixed-use properties. Over the past decade, GW executives have been involved in brokering, investing and developing more than $500 million in real estate in the Chicagoland area, with a typical deal size ranging from $500,000 at $5 million. GW practices respectful development through its collaborative approach to discovering opportunities, maximizing value and improving communities. This process has yielded a track record of proven results.
About Luxury Living Chicago Realty: Founded in 2007, Luxury Living Chicago Realty (LLCR) is an award-winning, multi-family real estate and development consulting, marketing, branding and brokerage firm based in Chicago. The real estate company aligns tenant insights, innovative marketing, and developer goals to deliver unbeatable results. Rooted in best-in-class customer service with a transparent listing and leasing process, LLCR has captured 35% of all new construction leases in Chicago and contributed over $5 billion in capitalized value for properties Class A multifamily homes across Chicagoland. Our passion is to empower people to live their best life.