Mixed-use development at 218 E. Grand ready to kick off

A co-development and joint venture between Mavrek Development, GW Properties, Luxury Living Chicago Realty, and Double Eagle Development has closed on $102.2 million construction financing with MSD Partners, L.P. for the redevelopment of 218 E. Grand. Currently occupied by a multi-level parking garage, the corner site is located at the intersection of E. Grand Ave and N. St. Clair St.

Dubbed The Saint Grand, the 21-story tower is set to bring 248 luxury apartments, 40,000 square feet of office space, and 8,000 square feet of ground floor retail space to the Streeterville neighborhood. Tenants will be provided with 100 car parking spaces and 124 bicycle parking spaces. 

Designed by NORR, the development has an emphasis on in-unit workspaces and private outdoor space to accommodate post-pandemic market preferences. The mix of floor plans will include 124 studios, 17 one-beds, 45 one-bed plus den layouts, 60 two-beds, and 2 two-bed plus den configurations. Amenities for new residents will include a package receiving service, a coworking lounge, a fitness center, and an outdoor pool and deck. 

At the base of the building, two floors will offer new Class-A office space with a flagship opportunity at 535 N. St Clair. The office space will 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. 

Led by Senior Director Chris Knight, the JLL Capital Markets Debt Advisory team worked on behalf of the development team to secure the four-year loan for the project, paving the way for work to start. Demolition is set to begin on the existing parking garage located at 535 N. St Clair, with groundbreaking on the new building anticipated by the end of the year. Office space will be ready for build outs to begin by Q3 2023, with apartment units delivering in early 2024.