Chicago-based Golub & Company, an international real estate investment and development firm, together with Boston-based GID, an international diversified real estate investment group, has broken ground on a 45-story mixed-use apartment high rise building. The development is located at 545 North McClurg Court in the Streeterville neighborhood of downtown Chicago, and is located near Golub’s most recently-developed Streeterville landmark, Streeter Place Apartments. Streeter Place is best known for its 8-foot bronze statue of nieghborhood namesake George Wellington “Cap” Streeter, public art that has become a tour-bus favorite.
“We’ve been in Streeterville for decades, and have a strong personal and professional commitment to continuously enhance the neighborhood,” said Golub & Company President and CEO Michael Newman. “545 North McClurg Court answers the rising demand for luxury apartments in the area, and reinforces Streeterville’s position as one of Chicago’s premier live-work-play neighborhoods.”
Boston-based GID, a privately-held, globally diversified and fully integrated real estate investment organization is a joint venture partner in this development. “We share Golub’s commitment to quality high rise development in dynamic cities like Chicago, and are pleased to add them to our list of development partners,” said Andy Huntoon, Vice President, GID. “The Streeterville location and rich amenities will help us achieve strong investor returns at this strategic site.”
Other key participants include Walsh Construction, general contractor, and Solomon Cordwell Buenz (SCB), architect. Construction financing has been provided by The PrivateBank (as Agent and Sole Lead Arranger), The Union Labor Life Insurance Company and Prudential Mortgage Capital Company.
545 North McClurg Court includes 490 rental apartments, some with private balconies; an attached 290-car parking garage; 5,200 square feet of ground-floor retail space; and, two large-scale amenity decks on the ninth floor and the rooftop. The ninth floor includes an outdoor garden, water feature, fitness center, indoor/outdoor spa, lounge, game room, community room, and outdoor terraces with lake views; the rooftop was designed as a sun deck with a pool, a party room, and expansive views on all sides.
The silver-blue tower features a contemporary glass and metal exterior wall. These modern elements are combined into taut, flush panels arranged in pattern of asymmetrical bay windows. This combination of color and geometry provides each apartment with unique urban views and distinguishes the tower from neighboring buildings.
Storefronts clad in large, clear glass and silver metallic, aluminum panels form a base for the tower. The streetscape at the tower base provides further enhancements to the neighborhood. Trees and landscaping along McClurg Court lead to a covered residential drop-off at mid-block. The Grand Avenue sidewall is widened to accommodate trees and improved pedestrian flow. This attention to the quality of landscape design is extended to outdoor amenity features and green roof systems. Sustainable design elements are incorporated that allow the project to achieve LEED Silver certification.
