CIM Group and Golub and Company's 32 unit luxury condominium in Old Town will be built surrounded by a rental dominated market per The Real Deal.
The city of Chicago approved the permit this week for the 10 story "1550 On The Park" project at 1550 North Clark Street, a luxury condo development that will also include ground floor retail and 67 parking spaces in the basement, first and second floors. The prices for the units will be between $1.6 million and $5.6 million with expected delivery next year. Sales and marketing are being managed by @properties.
A $58 million construction loan was acquired by CIM and Golub earlier this year from Oak Hill Advisors Investment Corporation based in New York. The cost is estimated to be $46 million and the general contractor is Power Construction Company.
The building will be on the site of the former Elly's Pancake House and the Village Theater which is a century old building. The theater's facade is to be saved and integrated into the new project according to Curbed Chicago.
Per the Real Deal, CIM and Golub took over this project back in 2017 after Howard Weiner's 101 North condo project fell through.
The same partnership is also proposing a huge overhaul of the former Tribune Tower site that would include the city's second tallest skyscraper when it is completed. That project involves 125 condos along with 439 apartments and a 200-key luxury hotel.
While condominiums have been scarce in Chicago recently, there have been a few including JDL Development's 9 West Walton Street which has topped the list of most expensive sales since last year; Related Midwest's One Bennet Park and former Chicago Spire site projects; Vista Tower and the condo tower known as 1000M at 1000 South Michigan Avenue from JK Equities, Tine Equities and Oak Capital.
Not far from the CIM/Golub project, Sedgwick Properties is building a 15 story condo at 146 West Erie Street in River North.
According to CIM Group, the site for this development is situated at the convergence of the Gold Coast, Old Town and Lincoln Park neighborhoods. The site is one of the few remaining parcels nestled among historic and cultural buildings along Lincoln Park. It is within walking distance to numerous dining and entertainment establishments, and cultural and educational institutions, making it an ideal location for a new luxury residential building. An important element of this site are the views that are protected in all directions by the partnership's ownership of adjacent air-rights and by neighboring low-rise historic buildings.
"There are very few sites on the near North Side with immediate access to Lincoln Park and valuable protected views both of the Park and the lakefront, two irreplaceable neighborhood amenities. Our intention is to build an exceptional building that benefits from the abundance of light and views, and redefines this location."
President and CEO of Golub & Company | Michael Newman
Golub & Company is a three-generation, family run firm that has built thousands of luxury multi-family units locally, nationally and internationally and CIM Group is one of Chicago's most active real estate investors and developers.
DataBid is currently reporting on this project - Clark & North Condominiums - Old Town - Chicago (0084050517)