Boston, MA – (November 23, 2015)
GID announced today that it has formed a joint venture with JDL Development to develop a 250 unit, 23-story high-rise apartment building in Chicago’s River North neighborhood. The project will be known as 640 N. Wells and will be located at the northwest corner of W. Ontario and N. Wells streets. Residents at 640 N. Wells will benefit from the building’s proximity to a variety of dining and entertainment options, excellent access to CTA train and bus lines and short walking distance to the second largest central business district in the country. This transaction will represent GID’s second investment in River North; Flair Tower was acquired in December 2011, a 198-unit high-rise located one block northwest of 640 N. Wells.
The project will be constructed on 0.6 acres of land with 19 residential stories above a four level parking garage. The unit mix will consist of 34% studios and convertibles, 41% one bedroom units, 21% two bedroom units, and 4% three bedroom units, with an average overall unit size of 869 square feet. Once completed, unit finishes will include 9’6” ceilings, quartz countertops with under-mount sinks, tile backsplashes, vinyl plank flooring and stainless steel appliances with slide-in gas stoves. The property will offer amenities on two floors: the 5th floor will feature an expansive fitness center, game room and outdoor terrace with grilling area, while the 23rd floor will include a large outdoor swimming pool and sundeck, club room, billiard room and demonstration kitchen. In addition, the project will contain 12,400 square feet of ground floor retail space along W. Ontario and N. Wells streets. The project is scheduled for completion in September 2017.
This transaction is the first joint venture between JDL and GID. Andy Huntoon, Vice President of Central Region Real Estate Acquisitions at GID remarked, “We are thrilled to partner with JDL to develop 640 N. Wells. River North is one of Chicago’s most vibrant and sought-after neighborhoods and the project’s development cost represents a substantial discount to recent sale prices of stabilized properties in comparable locations. We believe this investment will deliver attractive risk-adjusted returns.”