Vertical construction continues at 633 S LaSalle Street, a 17-story residential project in Printer’s Row, following the completion of construction financing by Singapore’s Q Investment Partners (QIP) and Chicago-based Melrose Ascension Capital (MAC). The project, which recently changed hands from PMG and The Collective, is a key venture for QIP as it enters the US real estate market.
633 S LaSalle Street. Photo by Jack Crawford
633 S LaSalle Street. Photo by Jack Crawford
633 S LaSalle Street. Photo by Jack Crawford
633 S LaSalle Street. Rendering by FitzGerald
Designed by FitzGerald, the development will feature a mix of housing options, including standard multifamily units, co-living spaces, and student accommodations. The building, with a total of 358 beds, will include layouts such as studios, convertibles, two, three, and four bedrooms. Select units will offer pre-furnished bedrooms and living areas. Common areas will include a rooftop amenity space featuring a fitness center, game room, lounge, and an outdoor pool and terrace, as well as a ground-floor co-working space. Rental prices for the units will begin at $1,650.
633 S LaSalle Street. Photo by Jack Crawford
633 S LaSalle Street. Photo by Jack Crawford
The project is financed through a $63.7 million construction loan from Glacier Global Partners, BH3 Management, Petros Finance (C-PACE), and equity from private investors and Bank Julius Baer. The general contractor, Clark Construction, is targeting a completion date for the fourth quarter of this year.
633 S LaSalle Street. Photo by Jack Crawford
633 S LaSalle Street. Photo by Jack Crawford
633 S LaSalle Street. Photo by Jack Crawford
Multiple stakeholders have commented on the new high rise and the now-financed partnership. Peter Young, CEO of QIP, stated, “The US real estate market is a very important piece of QIP’s real estate growth strategy. As QIP develops its multifamily housing investment development & operational capability and establishes its position as a leading player in the private equity real estate investment sector, this partnership with MAC offers an opportunity to further build out our global residential living sector platform across the US, the UK, and Japan.”
633 S LaSalle Street. Photo by Jack Crawford
633 S LaSalle Street. Photo by Jack Crawford
Nick Melrose, Founder & CEO of Melrose Ascension Capital, also commented: “This development caters to the South Loop with affordable, amenity-rich, Class-A housing for young professionals and students near the CBD, universities, and transit. Leveraging our robust multifamily development pipeline and strategic partnerships, especially with QIP, MAC is well positioned to scale and execute in 2024 and beyond.”
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I’m confused. The capital stack changed only, or does the entire project go back to the drawing board?
I think this is just financing to complete the project.
Why the change from all co living to a mix of conventional apartments and co living ?
Now this is the type of infill development that I love ❤️ immensely. A modernist mixed use mid to high rise building with a somber but attractive aesthetics and colors. I wish that this architect and developer would come to Buffalo and do a major project like this to stimulate our stagnant downtown core.