Joint Venture Group Announces Plans for 248-Unit Mixed-Use Multifamily Development in Chicago’s Streeterville Neighborhood

CHICAGO, IL - A co-development and joint venture between Mavrek Development, GW Properties, and Luxury Living Chicago Realty announce plans for a mixed-use development in the heart of Chicago’s Streeterville neighborhood. Designed by NORR, the property includes 248 Class A luxury apartments, 40,000 square feet of office, and 8,000 square of street-level retail on the northeast corner of E Grand Avenue and N St Clair.

The apartments are located at 218 E. Grand Ave., steps from Michigan Avenue shopping, dining and entertainment and walking distance to Lake Michigan and Northwestern Hospital campus.

"We are excited to continue to develop and invest in Chicago,” said Adam Friedberg, Partner at Mavrek Development. “We’ve assembled a best-in-class team, and we are thrilled to have secured the opportunity to add to Streeterville’s skyline and ecosystem. 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 will feature a mix of floorplans ranging from studios to 2 Bedrooms with an emphasis on in-unit workspaces and private outdoor space to accommodate post-pandemic renter preferences. There will also be a suite of amenities, including an innovative package receiving service offering, state-of-the-art co-working lounge, specialized fitness center and outdoor pool and deck.

"We have seen a shift in renter demand 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 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. We have every confidence this property will be well received in the market."

In addition to the multifamily 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 in several years. The two full floors of office space also include private outdoor space, modern ventilation systems and other intentional post-pandemic health safety elements. Office tenants will be able to enjoy the apartment amenities as an added benefit.

"We’re seeing a flight to quality in the office market in Chicago,” stated Anthony Hrusovsky, Partner at Mavrek. “Companies are using new space and residential level amenity offerings to attract their employees back to the office."

"535 St Clair will be the first of its kind in the Streeterville submarket, which we think will result in strong tenant demand,” added Shai Wolkowicki, Principal of GW Properties."

The property will replace a parking garage located at 535 N St Clair. Demolition is expected to start mid-summer with groundbreaking by the end of the year. The office will be ready for tenant build outs to start Q3 2023, with the residential delivering 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 slated to begin construction in the Fall, and we are eager to get going."

About Mavrek Development: Mavrek Development, founded in 2010, has quickly grown into one of Chicago’s most active developers. The company got its start building luxury single-family homes and has since scaled their business by focusing on high-quality urban infill multi-family and mixed-use projects. With their dedication to Chicago and collaborative approach in 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 an expertise in retail and mixed-use properties. Over the past decade, GW principals have been involved in the brokerage, investment, and development of over $500 million of real estate in the Chicagoland area with a typical deal size ranging from $500,000 to $5 million. GW practices respectful development through its collaborative approach of uncovering opportunities, optimizing value, and enhancing 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 multifamily consulting, marketing, branding, and strategy real estate brokerage and developer based in Chicago. The real estate firm aligns renter insights, innovative marketing, and developer goals to deliver unbeatable results. Rooted in best-in-class customer service with a seamless showing and leasing process, LLCR has captured 35% of all new construction leasing in Chicago and contributed to over $5B in capitalized value for Class A multifamily properties across Chicagoland. Our passion is to empower people to live their best life.

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