Apartment building to meet unique demand for growing River North population
CHICAGO, IL – Magellan Development Group and Mac Management announced the closing of a construction loan in the amount of $100,197,683 to be funded by Ullico through its subsidiary The Union Labor Life Insurance Company and its Real Estate Investment Group provided by Ullico Inc. to pave the way for their latest residential development; The Gallery on Wells. Located at 167 West Erie Street in River North on the former Gino’s East Pizza site, Gallery will be a luxury mixed-use, high-rise apartment building that brings together trendsetting amenities, modern design, and unparalleled views while celebrating the artistic spirit of its River North neighborhood. Additional funding sources include National Real Estate Advisors, Wanxiang America RE Group, and Strand Advisors. Construction is expected to commence shortly with first occupancies expected 2017.
“The Gallery on Wells is much more than a luxury, high-rise. It will provide a curated living experience that celebrates an artistic lifestyle and the defining characteristics of River North,” said David Carlins, president of Magellan Development Group. “It’s about bringing the art of urban living together: the very best views, amenities, and design with direct access to all the area has to offer such as dining, nightlife, shopping, and more.
The upscale 39-story, 442 unit building will be conveniently located in an area well-known for its art galleries, architecture, and sophisticated culture. The building’s decor will reflect its unique location with contemporary finishes, stylish modern touches, and rotating art exhibits throughout the property.
Residents will enjoy more than The Gallery on Wells’ premiere location and impressive design. The building will also feature over 30,000 square feet of indoor and outdoor amenity space including a fitness center, library, kitchen & dining rooms, business center, activity & gaming area, dog run & lounge, and a landscaped rooftop deck with an outdoor pool, sauna, hot tub, fire pits & grills. The entire space will be outfitted with complimentary WiFi.
At the building’s ground level, there will be over 7,500 square feet of retail space and an ancillary parking facility with room for 108 vehicles. The building is registered with the certification goal of LEED® Silver and will be a 100 percent smoke-free environment. Once complete, The Gallery on Wells will have studio to 3-bedroom units available.
Due to its many attributes, the River North area has experienced an explosive population growth. An estimated 25,000 new residents, occupying over 10,000 new residencies, have moved into the neighborhood since 2000. During the fourth quarter of 2014, more than 93 percent of all downtown apartment units were occupied.
“River North is a vibrant and exciting place to live, work, and play so it’s no wonder that so many people are drawn to live there,” said Michael Cahan, President of MAC Management. “It’s our job to give them a great home that suits their unique way of living, and we believe The Gallery on Wells will do just that.”