CHICAGO—Chicago-based developer Centrum Partners has broken ground on a $100 million mixed-use development at Wells St. and Hubbard St. in the River North neighborhood. The property will include a 50,000-square-foot office building located 412 N. Wells St. and an adjoining 195-unit luxury apartment tower at 221 W. Hubbard St.
The office portion is already 40% pre-leased, a spokesperson tells GlobeSt.com. And with the River North vacancy rate hovering near 9.4%, one of the lowest rates in the region, the prospects for quickly leasing up the building seem quite good. Centrum officials say that mid-size users seeking marquee space in Chicago will find the nine-story boutique office building ideal.
“We are thrilled to be a part of the River North community where office, residential, hotel and entertainment uses seamlessly blend into the city’s most dynamic neighborhood,” says Centrum principal John McLinden. “River North has also become the center of Chicago’s rapidly growing tech scene and we believe that our location next to the Mart and the Mart’s train station is a real positive.”
The all glass building will provide tenants with massive window lines that allow abundant natural light to filter throughout each floor. Centrum officials say they believe in providing robust amenities, and this new project will include a rooftop lounge with skyline views, 24/7 fitness center with full service showers and private changing rooms, Brown Bag Seafood restaurant on the ground floor and an on-site concierge.
Next door, Centrum will build a 23-story class A, transit-oriented development that will feature a mix of studio, convertible, one, two and three bedroom units as well as three penthouse units. Sizes range from 435 to 1,726 square feet while penthouses average 1,622 square feet. Renters will have access to a whole host of on-site amenities, most located on a dedicated “amenities floor.” The LEED-certified building will also feature 5,000 square feet of ground floor retail/restaurant space and 95 indoor parking spots.
Howard Hirsch with Hirsch & Associates is the project architect. Centrum expects to complete the project in December 2017.