North Wells Capital, the investment management affiliate of Chicago-based Urban Innovations, has announced details of proposed new developments at 306 W. Erie, 301 W. Huron and 320 W. Huron in Chicago’s thriving River North neighborhood. All three properties are represented by JLL as leasing agent and by Urban Innovations as property manager.
“For four decades our firm has been a leader in making River North a vibrant community for people to live, work and shop,” said North Wells CEO Jim Fox. “This area around Huron and Franklin continues to see strong demand for office space, new upscale residences, retail stores and restaurant options.”
North Wells Capital acquired the existing 45,000-square-foot building at 308 W. Erie Street in May 2017, with plans to double its size to roughly 90,000 square feet. The expansion will blend the existing brick and timber loft, with modernized improvements that will include a significant new rooftop amenity and lobby space, as well as new elevators, restrooms and upgraded mechanical systems. Groundbreaking is planned for the fourth quarter of 2019, with NORR serving as architect and ARCO/Murray acting as general contractor.
Urban Innovations acquired the surface parking lot at 301 W. Huron Street in 1998 as a part of a larger portfolio. This new Class A building, also designed by NORR, will feature amenities such as significant outdoor space, a dynamic fitness center and conference center. The firm is currently seeking a tenant to anchor a 162,000-square-foot office development.
“We’ve incubated a number of tenants who’ve outgrown the space availability in River North and left for Fulton Market or the Central Loop,” Fox said. “These developments are intended to give tenants [in] River North the options they’ve been looking for. The feedback we’ve gotten on our plans has been overwhelmingly positive.”
Earlier this year, North Wells Capital acquired the surface parking lot on Huron Street between Orleans and Franklin Streets. A residential project had previously been planned for the site before North Wells bought it, but the mixed-use zoning also allows for office and ground-floor retail. North Wells is working with architect Solomon Cordwell Buenz to finalize plans for a commercial office building on the site. The plans include large floor plates and a full array of amenities.