Just over a month ago Crain’s Chicago Real Estate Daily reported that Related Midwest had hired Robert A.M. Stern to design a new residential tower at the southwest corner of Grand Ave and Peshtigo Ct in Streeterville. That site is the fenced area at the lower right of the above photo.
Crain’s reported yesterday that the condo association at 540 Lake Shore Drive had placed a parking lot at 450 E Grand on the market. That site reportedly has the potential for more than 340,000 square feet of residential or office development. A sale would likely result in a huge profit for the association. Will we see that potential reflected in the price of the lofts at 540?
Within the past few days there’s been site prep activity on the parking lot at the west end of the block where Golub & Co has proposed building a 44-story, 490 unit apartment tower with office space and ground-level retail.