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CHICAGO-Provence Development Group, a locally based developer, is selling off components of a mixed-use development at 300 N. Michigan Ave., here. The estimated cost of the entire development is approximately $200 million, sources say. Provence will be the master developer of the project and plans to sell off the various components, says Matthew Lawton, senior managing director of the Chicago office of Holliday Fenoglio Fowler LP.

The development is expected to have 28,912 sf of retail, a 300-room hotel and 225 residential units. The retail will be on the first two floors of the building with the hotel on the third through 23rd floors and the multifamily component on the 24th through 52nd floors. There will also be 160 parking spaces in an underground garage. The residential component could be condominium or rental apartment units, Lawton says. The development is expected to be completed in the third quarter of 2011.

The site is at the northwest corner of Michigan Avenue and East Wacker Place. “It is right between the River and Millennium Park,” Lawton says. “It is a great location across from the Hard Rock Hotel and [will] have a North Michigan Avenue address, which is known throughout the world.” The site is also near the Museum Campus, the Michigan Avenue retail corridor and the Chicago Loop Financial District.

Lawton, Daniel Kaufman and Kenneth Glomb, all with the Chicago office of Holliday Fenoglio Fowler, are marketing the sale of the components of the development. Interested parties can acquire the entire development or separate components, Lawton says. Besides the ability to complete the interior architecture of each component, buyers will also have input for the developments master plan. Potential buyers include retail owners, developers and owners; hospitality operators and residential developers. Besides local and regional developers, some national developers have also expressed an interest in buying parts of the development, he says.

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