The Chicago office of HFF is marketing the site, which isbounded by South Michigan Avenue, South Indiana Avenue, East CermakRoad and 23rd Street. The property is adjacent to the2.2-million-sf McCormick Place Convention Center. The center iscurrently undergoing an expansion that will have 710,000 sf and isexpected to increase hotel bookings by about 300,000 annually. Thesite is also near the Museum Campus, Soldier Field and GrantPark.
The property is likely to be redeveloped as a mixed-use sitewith a hotel and possibly residential and retail components, Lawtonsays. A developer will likely be able to construct up to 500,000 sfon the parcel, he tells GlobeSt.com.
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