X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

CHICAGO-A long-awaited South Michigan Avenue condominium project is now in the hands of Renaissant Development Group. The developer of another South Loop project, Vision on State, has paid a reported $44 million for 1.6 acres at 1000 S. Michigan Ave., where Guy Gardner had planned to build a three-building, 325-unit condominium project overlooking Grant Park.

“This is a gratifying conclusion to our development process and vision,” says Gardner, who sells to a developer that has sold 950 units for $350 million in six other projects in the city as well as Evanston. In addition to the 253-unit Vision on State and 1000 S. Michigan Ave., Renaissant Development Group also is building Park Lafayette, a $115-million project on Milwaukee’s East Side.

Renaissant Development Group retains DeStefano and Partners, Gardner’s architects, for what will now be a 350-unit project. The firm’s design for 1000 S. Michigan Ave. includes a terra cotta facade. “We’re looking forward to getting the only unsightly asphalt parking lot developed,” says Bob O’Neill, president of the Grant Park Advisory Council.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.