Skender Breaks Ground on 741 North Wells, a 201,000-SF Multifamily Rental and Retail Tower in River North
Developer VISTA Property and its general contractor, Skender, broke ground today on 741 N Wells Street, a new mixed-use multifamily rental building in Chicago’s River North neighborhood. Designed by Antunovich Associates, the 21-story, 201,000-square-foot development will include 168 apartment units, communal tenant amenities and an elegant building lobby. Located prominently at the corner of Chicago Avenue and Wells Street, 741 N Wells is one of the latest new developments going up in River North.
“River North is booming. People want to live and work in dynamic live-work-play neighborhoods that form the heart of downtown Chicago,” said Ark Latt, Chief Development Officer, VISTA Property. “We look forward to continuing our collaboration with Ald. Brian Hopkins and the entire 2nd Ward to contribute a real estate asset that supports and enhances a strong community.”
The multifamily building will include 50 studios, 101 one-bedrooms and 17 two-bedrooms, as well as a rooftop terrace with pool, meeting facilities, exercise area, bicycle storage and parking for roughly 50 vehicles. The building will include expansive floor-to-ceiling windows on all facades, along with exceptional 9-foot ceiling heights offering unique views for all residents.
“I am incredibly proud of our team and the hard work that has gone into planning and coordinating this project before any shovels hit the ground,” said Justin Brown, President & CEO, Skender. “We’re thrilled to be working with VISTA Property and Antunovich again. This is going to be another impressive building for the neighborhood.”
VISTA Property financed the project with a first mortgage loan from Huntington Bank, and has also engaged Luxury Living Chicago Realty, downtown Chicago’s premier marketing, consulting and residential leasing brokerage firm.
“We are excited to help execute VISTA Property’s first large-scale multifamily property in Chicago,” said Aaron Galvin, CEO of Luxury Living. “Having collaborated with VISTA, Antunovich and Skender throughout the development process, we are confident this property will set a new standard for boutique luxury rentals in River North.”
The team of VISTA Property (developer), Skender (general contractor) and Antunovich Associates (architects) recently completed 609 W. Randolph, a 15-story boutique Class A commercial office building serving as a gateway to Fulton Market.