21-Story Development Kicks Off in Central Chicago
Huntington Bank provided nearly $60 million in construction financing.
Developer Vista Property and Skender, as general contractor, have broken ground on 741 North Wells, a new multifamily building in the area of downtown Chicago. Antunovich Associates is the appointed designer of the 21-story Class A building. Vista Property secured financing last month, a $59.8 million construction loan held by Huntington Bank. JLL Capital Markets represented the borrower.
The 201,000-square-foot development will include 168 units with an average size of 740 square feet. Located in the River North neighborhood, the property will offer 50 studios, 101 one-bedroom units and 17 two-bedroom units. Common-area amenities will include a swimming pool, a rooftop terrace, a fitness center, meeting facilities, bike storage area and some 50 parking spots. The building will feature floor-to-ceiling windows, 3,580 square feet of retail space and five affordable units, according to Yardi Matrix data.
Situated at the intersection of Chicago Avenue and Wells Street, the development is within walkinge distance of Moody Bible Institute, Loyola University of Chicago and the Museum of Contemporary Art. Located close to the Central Business District, the second-largest downtown business district in the U.S., and the Clybourn Corridor, the intersection with the Chicago Avenue offers easy transportation via Chicago Subway’s Brown, Red and Purple lines.
Luxury Living Chicago Realty is handling leasingfor Vista Property’s first large-scale development in the market. The project is expected to be delivered in 2024.
According to a Yardi Matrix report, both Chicago’s workforce and upscale apartments are registering steady rent gains. On the development side, the metro had 16,640 units under construction as of April, coming on the heels of 7,638 apartments completed last year.