Boston, MA – (June 26, 2014)

GID announced today that it has formed a joint venture with Golub & Company to develop a 490 unit high-rise apartment building in Chicago’s Streeterville neighborhood. The project will be known as 545 N. McClurg and will be located at the northeast corner of Grand Avenue and N. McClurg Court. Located just a few blocks from Lake Michigan, The Loop and the Magnificent Mile, the site is within walking distance of the second largest central business district in the country as well as some of Chicago’s finest dining, entertainment and shopping.

The project will be constructed on one acre of land with 45 residential stories and a seven level parking garage. The unit mix will consist of 12% studios, 8% convertibles, 59% one bedroom units, 20% two bedroom units, and 1% three bedroom units, with an average overall unit size of 830 square feet. Once completed, unit finishes will include quartz countertops with under-mount sinks, tile backsplashes, hardwood flooring, and stainless steel appliances with gas stoves. The property will feature an outstanding amenity package that will include a rooftop pool deck and club room on the 45th floor, with sweeping views of Lake Michigan and The Loop, as well as a 9th floor amenity level with fitness center, spa, community room, business center, game room, media lounge and outdoor garden terrace. The building will also include 5,200 square feet of ground floor retail space at the corner of Grand and N. McClurg. The project is scheduled for completion in July 2016.

This transaction is the first joint venture between Golub and GID. Andy Huntoon, Assistant Vice President of Central Region Real Estate Acquisitions at GID remarked, “This transaction represents our opportunity to develop a high-rise apartment building in one of the most sought after institutional locations in Chicago within the Streeterville neighborhood. The development cost is well below recent sales prices of comparable stabilized product and the project is anticipated to offer excellent risk-adjusted returns. We’re excited to partner with Golub on this terrific project.”