The City of Chicago has recently approved an $8.5 million building permit for a commercial building at the northwest corner of Morgan and Hubbard, 450 N. Morgan.
MAB Capital Management, a firm led by real estate investor and restaurateur Marc Bushala, will fund construction of the five-story, 52,000 sq. ft. structure. Pappageorge Haymes Partners, meanwhile, will design the structure to appear like three smaller buildings. They will be clad in brick, oxidized steel, and concrete for an industrial feel. Reed Construction will be the project’s builder.
“We want the aesthetic to feel like it’s part of the DNA of the area, rather than having one building that looks contemporary,” said Bushala. “I want people to feel like this building has always been there.”
The ground floor will be dedicated to retail spaces. Level two will serve as a parking garage with a capacity of 35 cars. Two rooftop decks will also be built on the top floor. Completion is slated for early 2018.
Bushala also told Crain’s Chicago Business that their firm wants to create a “boutique office kind of property.” They will be incorporating design cues from various hotels and residential buildings into the yet-to-be-named development.
MAB bought the site measuring 13,700 sq. ft. from Northwest Meats for $1.9 million in February 2015. The pre existing building will be demolished within the next two months.
A potential tenant could lease the entire building, Bushala said. However, he declined to give out a company name. Instead, he only shared his goal to attract a tenant and to start construction in the next three months.