CLIENT: JP Morgan and Goldman Sachs
LOCATION: Chicago, Illinois
SERVICES: Owner's Representation , Construction loan monitoring , Property condition assessment
ASSET TYPES: Hospitality , Multifamily residential
The Residences at the St. Regis (fka Vista Tower), now the third tallest building in the Chicago skyline, is a 95-story multifamily new construction project by developer Magellan, designed by prominent architect Jeanne Gang, with a 5-star hotel (St. Regis), restaurants and amenity spaces. Defining a new edge of the city, the tower tightly knits the downtown Lakeshore East community to its surroundings with unprecedented urban connections and enhanced public access to the Chicago River. Marx|Okubo entered the project at a transitional point, where the base building was nearly complete, and a second general contractor was hired to build out the 5-star hotel component.
Marx|Okubo evaluated the property and monitored the remainder of construction, providing oversight through substantial completion by the original general contractor. Our team reviewed budgets and contingency usage and oversaw of the hotel construction by the second general contractor.
With a stop in the construction work and a reallocation of scope to a second contractor, Marx|Okubo’s expertise and close involvement helped to determine that the appropriate scope was being completed within budget and by the correct party.