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.
Site map of 1201 S Michigan Avenue via Google Maps
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.
Current view of 1201 S Michigan Avenue via Google Maps
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.
1000M. Photo by Jack Crawford
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.
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Not sure how to feel about this.
I’m not a single bit surprised about this. At least it will open up the opportunity for another developer to come in to do something with that vacant lot. It should’ve been done long ago as I haven’t seen any urgency for Crescent Heights to pursue the second NEMA Tower since covid, they seem way more focused on 420 W May and 640 W Washington.
It will be quite interesting to see though in this current market if a Developer is posed to build a tower as tall as NEMA — or close to it. As I hope that happens, we haven’t seen many towers built that tall since Salesforce and 1000M.
I used to live in the South Loop, and always thought how nice it would be if that in-filled this lot with something. It’s such prime real estate and I still have high hopes for the South Loop to get its boom of development again. Fingers crossed!
Really disappointed to hear that the second tower isn’t going to happen. I think it would have been a beautiful anchor to the south loop and visually stunning for the skyline. Townhomes would not make sense on that corner, hoping for an awesome high rise!
The issue with twin towers is that if they are not built simultaneously and act as independent structures, the delay could be a death sentence before things start. Mega developments all hosted by the same developer are also an issue. The Riverline has been steady, but it would be nice to have the construction just be one and done. We still have years for that to be wrapped up. Single developer Lincoln Yards is a story we all can see live action, more like thereof…
The world’s most prominent twin structures were either a singular construction or rely on one another to stand. Think Petronas, American Copper Buildings, One Za’abeel, and others for interconnected skywalks. Marina Towers, Twin Towers, and Gate of Europe Towers were built together as one active site and completed at about the same time.
I wouldn’t be surprised to see a two tower proposal…which is sure to have a large amenity podium (beloved on these sites, lol). Likely apartment/hotel, or who knows it could be like St. Regis with hotel/apartments/condo. Overall, the cost of new condos is so much per SF I don’t know that anything pencils out in the S Loop.
That’s a huge missed opportunity here. Really sad to see this. Phase 2 NEMA would have made phase 1 NEMA even nicer and really capped out the south side of Grant Park. Anything not as tall or that doesn’t match with NEMA is going to look incomplete on this site. I know they were supposed to be condos, and because of Chicago’s slow condo market (due to high interest rates, low returns for condo owners, civil unrest, etc.), we now have to wait years to finally see something here. Very unfortunate.
They were never going to build nema II. It makes ZERO sense for a developer to block their own views. Nema one loses west view and Nema 2 has zero view of the lake?? And the buildings are like 50 ft apart???? Makes no sense. At the least Nema 2 would need to be pushed to the southern portion of that lot to preserve views.
If you build it they will come Phase 2 NEMA must be built it should be built if the residents of NEMA 1 say built it,it should go up look at 1000m that building looks incredible should’ve been taller PHASE 2 NEMA MUST GO UP
Am I the only one that is okay with this? The twin tower aspect doesn’t really compliment each other. NEMA is one of the most visually appealing towers in the city as a stand-alone so let the lot be filled by another building that could be its own.
Typical & no surprise. Crescent H is over leveraged & in trouble.
this is the best possible scenario
something tall will be built
one vinoly looks terrific – its one of the best towers in the city
but two identical ones….
I 100% agree. This is an opportunity for another super-tall that would diversify and complete the Chicago’s skyline looking southward.
Yet, it would be better another same tower than two smaller ones.
It will be profoundly difficult to sell this site after Crescent H screwed the pooch. NEMA 1 has struggled to find enough renters, and another tower will be in rentable for reasons delineated above. Parkway Residences is in trouble for violation of view corridor agreements with 1211 S Prairie, and One Central is a dead letter.
Crescent Heights is clearly overextended, and it’s not clear when or if there will be demand for more housing in the South Loop. I predict the banks will own this site in short order.
Perfect place for a nice 15-20 story parking garage with first floor retail.
Chicago Spire on this site???
The Chicago Park district should purchase the lot and build beautiful park with swings and slides for kids and surround it with small hills to make is less noisy.
To be build a small park for children in a prime location, which is, btw, across the street from a huge park, that is not even utilized enough? wow.