$102 million in financing secured for 410 N. Elizabeth

Chicago-based Weldon Development Group has secured $102 million in financing for the first tower of their two-tower mixed-use development at 410 N. Elizabeth. Located in the far end of the West Loop, the irregularly shaped lot is bound by W. Ogden Ave to the west, N. Elizabeth St to the east, and Metra rail tracks to the north and south.

With Archeo Design Studio leading the design, the first phase of the development will encompass a 33-story mixed-use tower that will rise along N. Elizabeth St. Rather than a large podium, the building has been designed as a rectangular point tower topping out at a height of 349 feet tall. Its facade will be made up of metal paneling and glazing in a gridded design. The parking floors will have a hybrid of architectural metal screening.

On the ground floor, the residential entry will face east towards N. Elizabeth St with a small corner retail space. Leasing offices, mechanical space, and bike storage will occupy the remainder of the ground floor. The loading dock and parking garage entrance will be accessed via an internal service drive along the north side of the property. 

Above the ground floor, residents will have access to 150 parking spaces and 384 bike parking spaces. The development will include 383 rental apartments, with the project’s unit mix consisting of 38 studios, 87 one-beds, 256 two-beds, and 2 three-beds. To meet ARO requirements, 20% of the units, or 77 apartments, will be designated as affordable at a weighted average of 60% AMI.

As first reported by Crain’s, the developer has secured a $102 million loan from Bank OZK to fund the project. With the tower crane permit and caisson permit already issued, construction will likely start soon now that financing is in line. While no official timeline has been announced, Clark Construction will serve as the general contractor for the project.