IllinoisHospitalityMultifamily Sterling Bay, Magellan Development break ground on mixed-use Michigan Avenue tower September 10, 2020 Share on Facebook Share on Twitter Share on LinkedIn Share via email (From left to right): Deputy Mayor Samir Mayekar, 42nd Ward Alderman Brendan Reilly, Sterling Bay CEO Andy Gloor, Magellan CEO David Carlins, Magellan Principal J.R. Berger. The 47-story tower will feature 289 residential units, 25,000 square feet of flagship retail space and a 280-key hotel. Previous Next Sterling Bay and Magellan Development Group broke ground on 300 N Michigan Avenue, a brand-new 47-story tower located between Millennium Park and the Chicago Riverwalk. When completed, the property will feature 289 residential units, 25,000 square feet of flagship retail space and a 280-key hotel. The groundbreaking event was attended by Chicago Deputy Mayor for Economic & Neighborhood Development, Samir Mayekar, 42nd Ward Alderman Brendan Reilly, Sterling Bay CEO Andy Gloor and Magellan Development Group CEO David Carlins. Chicago-based general contractor Linn-Mathes will oversee the construction process and bKL Architecture is serving as lead architect. The project recently acquired $174.5 million in construction financing from Bank OZK, Pearlmark Real Estate and Monroe Capital, on top of nearly $12 million in crowd-sourced equity raised through CrowdStreet.