A 47-story North Michigan Avenue high-rise is set to break ground during the pandemic. Sterling Bay CEO says it took a ‘herculean effort’.
In late 2019, Winter Properties identified a joint venture with Magellan Development Group, a real estate developer, owner and operator specializing in mixed-use, urban high-rise development in major cities throughout the United States. As of summer 2020, developers Sterling Bay and Magellan Development Group are set to start building a 47-story apartment complex in Chicago. The $250 million project will be the first Chicago high-rise to kick off construction during the coronavirus pandemic.
From The Chicago Tribune‘s Ryan Ori: “Two major Chicago developers are expected to break ground next month on a 47-story apartment and hotel tower on North Michigan Avenue, in what would be one of the few high-rises to get underway in the city since the coronavirus pandemic shut down much of the economy.”
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