The project will include 245 luxury apartments and 3,000 square feet of retail space
Chicago, IL – (June 16, 2016) – The John Buck Company (JBC) and institutional investors advised by J.P. Morgan Asset Management have closed on the land acquisition of 311 West Illinois Street (“3Eleven”). The project, to be developed by The John Buck Company and designed by FitzGerald Associates Architects, will rise 25 stories to a height of 281 feet, and includes 245 luxury apartments and 3,000 square feet of retail space. 3Eleven will offer several amenities, including bike storage (nearly 200 stalls), smart package storage, and a rooftop tenant lounge with a fitness center and outdoor space featuring hammocks, fire pits, grills, additional dining areas and a swimming pool.
Construction financing will be provided by Wintrust Financial Corporation.
“3Eleven will be an exciting boutique luxury multi-family apartment project, given the property’s River North location, amenity package and city views,” said Kevin Hites, Chief Investment Officer at JBC.
Located on the southwest corner of Illinois and Franklin Street, 3Eleven will feature studio to 3-bedroom penthouse units. Project groundbreaking occurred in June 2016 with anticipated delivery fall 2017.
About The John Buck Company
The John Buck Company was founded in 1981 and has established a track record and reputation as a premier, vertically integrated, full-service real estate operating company. Over the course of JBC’s history, the firm has successfully completed over $10.5 billion of real estate transactions and acquired, developed, or redeveloped over 41 million square feet of office, high-rise residential, hotel, retail, and mixed-use properties.
Headquartered in Chicago, JBC has developed, operated, or managed a variety of properties in New York, Washington D.C., Philadelphia, Minneapolis, Abu Dhabi, Berlin, and Kuala Lumpur. Currently active in Chicago, San Francisco, Boulder, and Washington D.C., JBC works diligently to create projects that are environmentally sustainable, profitable, and inviting places to live, work, and play.
About J.P. Morgan Asset Management – Global Real Assets
J.P. Morgan Asset Management – Global Real Assets has more than $90 billion in assets under management and more than 400 professionals in 19 offices throughout the Americas, Europe and Asia Pacific, as of March 31, 2016. With a 45-plus year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure and transportation strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions. For more information: jpmorgan.com/institutional/global_real_assets
About Wintrust Financial Corporation
Wintrust Financial Corporation, a financial holding company, was founded in 1992 and is headquartered in Rosemont, Illinois. With over $23 billion in assets, Wintrust provides relationship based banking and other financial products and services to clients in the Chicago metropolitan area and in southern Wisconsin through its 15 wholly-owned banking subsidiaries and 153 banking center locations.