Sterling Bay and Magellan Development Group have begun construction on 300 N Michigan Avenue, a brand new 47-story mixed-use tower located between the City’s Riverwalk and Millennium Park. The development will feature over 280 residential units and a new hotel by citizenM, the Netherlands-based hospitality brand. This development presents an opportunity for the City of Chicago to push forward in its recovery efforts by continuing to build world-class properties that deliver important economic opportunities to the community. Specifically, 300 N Michigan Avenue will create over 500 on-site construction jobs over the course of its development, as well as approximately 70+ permanent on-site jobs in residential and hotel operations once complete. In addition, the development will include a $3.9M payment by Sterling Bay into Chicago’s Neighborhood Opportunity Fund – a fund used by the City to support small businesses in underserved neighborhoods on the South and West sides.