A Chicago-based development group is eyeing a 21-story apartment tower just one block east of the Magnificent Mile, a project that could be the first new construction apartments Streeterville has seen in five years.
According to Crain’s, Chicago-based Marek Development is partnering with Chicago-based architecture firm NORR to bring 248 apartments to the northeast corner of East Grand Avenue and North St. Clair Street, and the building would also include 41,000 square feet of office space, 8,000 square feet of ground-floor retail space, and parking for 100 cars.
Believe it or not, downtown apartment construction has been on the upswing over the past year as rents and occupancies have recovered fro pandemic-induced declines.
Despite Streeterville being a hotspot for apartment development over the last decade, One Bennett Park was the most recent project completed back in 2019. Part of the slowdown, however, is due to a very limited number of sites left still to develop. Just three major projects in the neighborhood are currently in the works, including a two-tower project at 400 N. Lake Shore Drive (the old Spire site) and a supertall skyscraper just east of Tribune Tower that will include 439 apartment residences once completed.
According to developers, the new project will include smaller-sized apartments, with studio units from 492 to 706 square feet occupying half of the 248 units. The remaining units will have one and two bedroom units and most apartments will also include balconies.
The building will also feature a co-working lounge, a fitness center, and a rooftop outdoor pool and sundeck.