$200M Multifamily Project Slated West of Navy Pier

CHICAGO-Despite objections from a community group, a $200-million multifamily rental project in the 300 block of E. Ohio Street is moving ahead. OGM Investors, LLC, an entity created by Golub & Co. is planning to break ground a 48-story, 481-unit tower on the western half of a two-acre site two blocks of Navy Pier before the end of the year.

The second phase will include a second tower with 420 units, which will average 950 sf and are expected to command rental rates in the neighborhood of $2.30 per sf when occupancy begins in the second quarter of 2006. Both buildings will include parking garages as well as a combined 21,000 sf of retail space.

The property is being sold by the Teachers’ Retirement System of Illinois, which also owns the Time-Life Building immediately to the west at 541 N. Fairbanks Ct. While Golub & Co, is partnering with AEW Capital Management, L.P. on the project, Michael Newman of the company tells GlobeSt.com a major pension fund will finance the project once ground is broken.