S Loop Chicago Development, LLC, a single-purpose entity which is part of a group of companies affiliated with Crescent Heights, has purchased approximately 3 acres of land in the South Loop, it was announced today by Jason Buchberg, Vice President of the company.
The purchase consists of two sites in the highly-trafficked Michigan / Roosevelt corridor. The first, located at the southeast corner of Michigan Avenue and Roosevelt Road, is approximately 88,000 square feet. The second site, located near 13th Street and Indiana Avenue, is around 45,000 square feet.
The land purchase is the latest in a string of recent Chicago acquisitions by the Crescent Heights group of companies. Acquisitions within the past several years have included Echelon at K Station, Astoria Tower and 1212 S Michigan (all of which are sponsors of YoChicago). In total, the company has acquired assets in excess of $350,000,000 in the Chicago market alone.
1212 S Michigan, recently rebranded as Park Michigan, is located directly west of the larger of the acquired land parcels and is currently undergoing a modernization effort that includes the addition of new retail along Roosevelt Road, and a new 4,000 square foot Snap Fitness scheduled to open in January.
“We are fortunate to have recognized a number of opportunities in the Chicago real estate market,” said Buchberg. “The South Loop has proved to be an attractive location and we are pleased to expand our presence in the area.”
Plans for the two parcels have not been announced. According to Crain’s, the firm “could build up to 1,200 residential units, 1,500 hotel rooms or 325,000 square feet of office or retail space on the [larger] parcel, in a building as tall as 70 stories.”
We’ve dipped into our archives of 100s of 1,000s of Chicago images to show you the acquired sites from the rooftop of Park Michigan, from the air, and from ground level. Click on any of the images for a much larger version. You can see more than 13,000 of our Chicago photos at Flickr.
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