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.