Chicago City Council Approves $51M Apartment Project at 65 E. Wacker

The Chicago City Council has greenlit the transformation of the historic building at 65 E. Wacker into residential apartments. Mavrek Development and ACRES Commercial Realty Corp are spearheading the project, located at the intersection of E. Wacker Pl and N. Garland Ct, near the Chicago Riverwalk. Designed by Pappageorge Haymes Partners, the redevelopment will modernize the structure while preserving its historical charm.

Modernization with a Focus on Residential Needs

The project will create 252 residential units, offering a mix of 105 studios, 105 one-bedroom apartments, and 42 two-bedroom units. A notable feature of the apartments will be in-unit workspaces, catering to the evolving needs of modern tenants. The building will also include 51 affordable units to meet the Affordable Requirements Ordinance (ARO), with an average affordability set at 60% of the Area Median Income (AMI). However, no parking will be provided.

Amenities and Luxury Features

The redevelopment will feature luxury residences with breathtaking city skyline views. In addition to spacious living areas, the building will include a state-of-the-art coworking lounge, a specialized fitness center, and a rooftop deck offering high-end amenities for residents. Morton’s Steakhouse will continue to operate on the first two floors.

Project Timeline and City Approval

With the City Council’s approval, the property will be rezoned from DX-16 to a Planned Development. The $51 million project is set to begin construction in April or May 2025, with plans for completion and opening in late Q2 2026.