Renaissant Development expects a mid-June grand opening for Park 1000, a 40-story high-rise at 1000 S Michigan Ave. In December, Renaissant acquired the 1.6-acre site overlooking Grant Park with a bid of nearly $44 million in an auction by Sheldon Good & Company.
This was “the largest single-asset sale in downtown Chicago ever brought to market via real estate auction,” according to Sheldon Good & Company CEO and chairman Steven L. Good, quoted in Loans News UK.
A previous condo tower planned for the site, which had been approved for 656 condominiums, never got off the ground. The project was marketed as 1000 S. Michigan for a couple of years, if memory serves, and then quietly disappeared.
Renaissant anticipates an October ground-breaking for its 346-unit tower. According to a mention in last week’s Chicago Tribune, units will range from studios of 685 feet to penthouses of up to 4,659 square feet. Prices range from the $280s to $3.6M. Coldwell Banker is marketing the condos from a center at 1006 S Michigan Ave.
We wrote earlier today about South Loop condo sales dominating the market downtown, but the number of new announcements here might soon test even the neighborhood faithful.