JV Starts Construction on Chicago Mixed-Use Property
The project is the first major development to launch in the Streeterville neighborhood since 2019.
A joint venture has launched construction on The Saint Grand, a mixed-use project in Chicago’s downtown Streeterville neighborhood. The partners in the 21-story development at Grand Avenue and St. Clair Street are Mavrek Development, GW Properties, Luxury Living and Double Eagle Development. Offices will be available for tenant buildout later this year, with residential unit delivery slated for early 2024.
“The Chicago Class A multifamily market has seen consistent increases in rent and occupancy since early 2021,” Aaron Galvin, CEO & founder of Luxury Living, told Multi-Housing News. “The Saint Grand will be the first delivery in the Streeterville submarket since 2019. More luxury multifamily housing is needed because of this neighborhood’s continued job growth and popularity.”
The Saint Grand will offer 248 luxury apartments, 45,000 square feet of office space and 7,500 square feet of street-level retail along the building’s northeast corner. The Saint Grand’s residences will feature a mix of layouts ranging from studio units to two-bedroom apartment homes. With a nod to post-Covid sensibilities, apartments will emphasize in-residence work spaces and private outdoor space. A modern co-working lounge will be among The Saint Grand amenities.
The development’s Class A office space will be in two of the top floors. Office tenants will gain advanced health and safety features and have access to the amenity suite.
“Record high inflation, capital market volatility and continued tailwinds against Chicago have been present throughout this process,” Galvin said. “Mavrek partnered with best-in-class co-developers, architects, contractors and capital partners.”
The location of The Saint Grand, just north of the Chicago River and east of Michigan Avenue, places residents near the center of downtown Chicago. A list of attractions within walking distance includes Navy Pier, Chicago Riverwalk, Millennium Park, Maggie Daley Park and The Shops at North Bridge. Earlier this month, Lincoln Property Co. gained approval to launch a development in Chicago’s Uptown enclave.