CIM Group Lead Joint Venture Acquires Land for New Luxury Condominium Development in Chicago

CIM Group Lead Joint Venture Acquires Land for New Luxury Condominium Development in Chicago

CHICAGO, IL – A partnership comprised of CIM Group, Chicago-based Golub & Company and its partner, Chicago-based Avoda Group announced the acquisition of a half-acre development site located at the southwest corner of Clark Street and North Avenue on the city's Near North Side, immediately adjacent to Lincoln Park.

Situated at the confluence 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, and will feature the first noteworthy development overlooking the Park in nearly a decade.  The site 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.  A significant feature 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," said Michael Newman, President and CEO of Golub & Company.  "Our intention is to build an exceptional building that benefits from the abundance of light and views, and redefines this location."

A previous proposal for the site had received conditional approvals for a luxury mid-rise condominium building from the Commission on Chicago Landmarks and from the Department of Planning and Development.

Mr. Newman commented, "We are working with the Chicago-based architecture firm Solomon Cordwell Buenz on a new design with updated floor plans, finishes and amenities that fit within the framework of the existing development program approvals.  We anticipate unveiling the new design this summer."

The new ownership group has a long track record of building successful residential projects.  In Chicago, Golub & Company, a three-generation, family-run firm that has built thousands of luxury, multi-family units locally, nationally and internationally, recently completed Moment in Streeterville, and with CIM Group, one of Chicago's most active real estate investors and developers, 1001 South State in the South Loop.  CIM Group also recently developed Marquee at Block 37 in the Loop. 

Avoda Group's ownership has been involved in over $3 billion of development and acquisition activity, and the firm recently developed several luxury residential projects on Chicago's Near North Side.

Source: CIM Group / #Condos #Multifamily

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