CHICAGO-Financing is in place for one more South Loop condominium tower. Corus Bank is writing a $92-million construction loan for the Columbian project at 1160 S. Michigan Ave., which is expected to add 220 units in a 46-story building at the southwest corner of Grant Park.

Corus Bank is providing the developer, Davis Group, a non-recourse loan. The Davis Group includes Allison S. Davis, a member of the city’s plan commission.

In addition for a 229-space parking garage, plans for the Columbian include ground-floor retail space. The building, designed by DeStefano + Partners, will include units ranging from 825 sf to 6,000 sf.

The development site is north of Roosevelt Road as well as the Central Station development. This summer, plans were endorsed for 798 more units in the 1300 and 1400 blocks of S. Michigan Avenue. However, potential competition five blocks north has been eliminated, as a conversion of the Blackstone Hotel was scrapped with its sale to Sage Hospitality Resources, which is converting it to a Marriott Renaissance.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.