Initial details have been revealed for the sale of the parcel of land at 1201 S Michigan Avenue in the South Loop. Located directly on the corner with E Roosevelt Road and adjacent to the NEMA Chicago skyscraper, the large lot was most recently envisioned as a slightly taller version of NEMA itself. Now Miami-based developer Crescent Heights has hired the local office of CBRE to sell the property according to Crain’s.
The property sits within the greater Central Station development which envisioned four-skyscrapers along the southern edge of Grant Park, with this being the last of them to be developed. Most recently the Central Station area had a small five-story project approved to fill in one of the other empty parcels dubbed Parkway Residences, as well as the One Central megadevelopment over the train tracks to the east.
The 43,123 square-foot parcel is being marketed as one of the last opportunities to build directly on Grant Park, with access to plenty of public transportation nearby and Museum Campus within a short walk. Marketing also mentions that under the site’s current zoning a single tower could be built reaching up to 900-feet in height with as much as 621-residential units, however two smaller towers would also be possible if built in phases.
Crescent Heights purchased the lot in 2012 and has expressed that they are shifting their focus on other projects in the West Loop although NEMA was a success for them, nearby 1000M also looks to attract tenants as it prepares to deliver 738-apartments next year. At the moment not many details are known on the sale, including price, it is also unknown if any buyers have expressed interest.