Mavrek and GW Venture secure $102 million construction loan in Streeterville
A Streeterville parking garage is poised to become Chicago’s next skyscraper thanks to a $102 million loan to a team of developers with big ambitions for the property.
A joint venture of Mavrek Development, GW Properties, Luxury Living Chicago Realty and Double Eagle Development has completed the construction loan with New York-based MSD Capital to finance the construction of a 21-story mixed-use tower. The project will mainly consist of luxury apartments – a total of 248 units – with 40,000 square feet of street-level office and retail space, according to the developers.
The project has been dubbed the Saint Grand and is set to rise on the northeast corner of East Grand Avenue and North St. Clair Street.
Combining apartments with offices is a new approach in Chicago’s Streeterville neighborhood, developers said, providing an option for users of commercial space in a primarily residential building. The concept is being hyped just as a recent deal between WeWork and fellow Chicago developer Cedar Street saw the coworking company offer its first space in a residential building as an amenity in a development in Uptown.
Developers said they believe they can capitalize on the trend of office users migrating to smaller spaces that are more expensive to rent per square foot but offer access to “residential-level” equipment packages. , said Mavrek’s Anthonthy Hrusovsky, like the state-of-the-art fitness centers and a large lounge where coffee and cocktails are available.
MSD did not immediately respond to a request for comment.
Demolition of the parking lot is underway and the developers plan to start before the end of the year. The building will be designed by Chicago-based architecture firm NORR.
Mavrek is active among city developers, with plans to develop another mixed-use project at 1016 West Jackson Boulevard, among other properties.