Related Companies, the New York-based developer behind several notable high-rises in Chicago (through Related Midwest), is considering a partnership with Magellan Development, according to an article in Crain’s.
The two firms have already worked closely on 340 on the Park, a high-rise delivered last year in Magellan’s Lakeshore East community. If an agreement is reached, Magellan’s executive leadership would likely take the helm at Related, which has been sans CEO since last fall. The article goes on to describe how current market conditions have impacted Related’s other developments.
Meanwhile, in a sign of the weakening downtown condo market, Related has decided to stop marketing its proposed Canyon Ranch Living tower at Rush and Huron streets, east of St. James Episcopal Cathedral, sources say. At Related’s other project, the firm has agreements to sell only 15% of 358 units at 515 N. Peshtigo Court in Streeterville, according to one industry source. The Related spokeswoman declines to comment about either project except to say, “There is a good amount of interest in all our Chicago properties.”