Gold Coast’s 7 W Elm Secures $162.8M Construction Loan Ahead of Groundbreaking
GOLD COAST—A long-planned apartment tower at State and Elm has reached one of its most important milestones yet.
The mixed-use development at 7 W. Elm St. has secured approximately $162.8 million in construction financing from JPMorgan Chase, while the city has also issued a permit for caissons and foundation work. With demolition of the former commercial buildings underway or recently completed, the project is now positioned to move from planning into construction.
The 28-story tower will bring 304 rental apartments, approximately 24,000 square feet of retail space and new residential amenities to the southwest corner of North State Street and West Elm Street. Completion is currently targeted for spring 2028.
What Is Planned at 7 W Elm?
Rendering of 7 W Elm St by Goettsch Partners
The latest development plan calls for a 312-foot residential tower designed by Goettsch Partners.
The project includes:
28 stories
304 rental apartments
Approximately 24,000 square feet of retail
132 parking spaces
180 bicycle parking spaces
8 affordable apartments on-site
A $4.5 million fee in lieu for the remaining 23 affordable units required under the development's affordability obligation
Fitness center
Spa
Resident lounge
Outdoor terraces
Pool deck
The tower is designed as two interlocking residential volumes rising above a four-story podium.
The lower levels will contain retail and parking, while residential amenity spaces will be positioned higher in the building. Plans call for an outdoor amenity area around the 18th floor, with the main fitness, spa, lounge and pool areas concentrated near the top of the tower.
The project will also activate the State Street frontage with approximately 24,000 square feet of commercial space, including a portion extending onto the second floor with an outdoor terrace that could support a future food-and-beverage tenant.
That retail component is important because this section of State Street functions as both a residential corridor and a connection between the Gold Coast and River North.
$162.8 Million in Financing Moves the Project Closer to Construction
Rendering of 7 W Elm St by Goettsch Partners
Renderings and zoning approvals can generate attention, but financing is what allows a project of this size to actually move forward.
The current developer, Convexity Properties, has secured approximately $162.8 million in construction financing from JPMorgan Chase.
That comes alongside a city permit covering caissons and foundation work through the second floor for the new tower.
The combination of financing, demolition and foundation permits represents a significant shift in the project's status.
This is no longer simply a proposed Gold Coast high-rise waiting for its next approval.
The capital and early construction permits are now in place.
General contractor W.E. O'Neil is expected to carry out the construction work, with the current schedule targeting completion in spring 2028.
An official public groundbreaking date has not yet been announced, but the next visible steps should include foundation work, caisson installation and eventually vertical construction.
The Current Plan Replaces an Earlier Gold Coast Tower Proposal
Rendering of 7 W Elm St by Goettsch Partners
The site's history can be confusing because Newcastle Limited was associated with the previous version of the project.
An earlier proposal approved in 2021 called for a roughly 345-foot mixed-use tower with 304 residences, retail and an integrated parking garage.
That project did not move forward.
Convexity Properties acquired the site in September 2025 and brought in Goettsch Partners to redesign the tower while largely working within the previously approved development framework.
The revised project is shorter at approximately 312 feet, but it retains the same general residential scale with 304 apartments.
The architecture has also changed.
Instead of trying to replicate the earlier design, the new tower uses interlocking glass volumes, balconies and stepped outdoor amenity spaces.
The development is replacing the former Barnes & Noble building at 1130 N. State St. and the former Lou Malnati's location at 1120 N. State St.
Demolition permits for both structures were issued in August 2026, clearing the way for the new tower.
A Major Gold Coast Project Is Moving From Plans to Construction
The biggest news at 7 W Elm is no longer what the tower could look like.
It is that the pieces required to actually build it are falling into place.
Demolition has advanced.
Foundation work is permitted.
$162.8 million in construction financing has been secured.
And the current schedule points toward a spring 2028 completion.
If construction proceeds as planned, the corner of State and Elm will change from a low-rise commercial site into a 28-story mixed-use tower with 304 apartments, major retail frontage and new residential amenities.
For buyers and sellers in the surrounding Gold Coast, River North and Streeterville markets, projects like this are worth following because new construction can affect views, rental competition, nearby retail, construction timelines, comparable properties and the long-term character of a block.
The Cory Tanzer Group at Option Premier can help buyers and sellers evaluate current homes, condos and nearby development activity across the Gold Coast, River North, Streeterville and surrounding Downtown Chicago neighborhoods before making their next move.
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