Several elected and city officials joined developers from theCataldo/Marovitz Group, US Equities Realty LLC, MagellanDevelopment Group and Near North Properties to participate in theground-breaking.

The last of eight River North parcels to be sold by the AmericanMedical Association, the Grand Plaza site is currently consideredto be one of the most valuable pieces of real estate in Chicago'sCBD. The property's value, particularly its retail potential, hasincreased significantly with the opening of a nearby Nordstrom'sand the planned redevelopment of the Medinah Temple across thestreet as the nation's first stand-alone Bloomingdale's Home Store.The property includes 360 ft. of frontage on both Ohio Street andGrand Avenue and 220 ft. on State and Dearborn streets. Over 15million cars pass the site on Ohio Street each year. The GrandPlaza will be the first retail complex on Ohio between the KennedyExpressway (I-90 and I-94) and Chicago's Magnificent Mile--MichiganAvenue.

The Grand Plaza's five-level parking deck should be completed byNovember 2001, in time for that year's holiday shopping season. Itstwo level retail development is scheduled to open in spring 2002.The rental apartments will be ready for move-in during summer 2002.The two residential towers will include studios, one- and two-bedroom units and three-bedroom duplexes. A 57-story tower willinclude 500 residences. The 37-story tower will total 264units.