1212 S. Michigan For Sale
A fund led by local real estate investor Allison Davis has decided to sell a 344-unit apartment building in the South Loop. DV Urban Realty Partners I L.P. has hired the Chicago office of CB Richard Ellis Inc. to market the 30-story tower at 1212 S. Michigan Ave., which the fund bought for $65 million in 2006. The building is 92% leased, according to a CB Richard Ellis brochure. Mr. Davis and a CB Richard Ellis executive did not return phone calls for comment.
Auction for lot on Chicago River, Just North of Roosevelt Pushed Back
A prominent South Loop development site owned by Jos. Cacciatore & Co. Real Estate now is scheduled to be auctioned at the end of the month. Local auction house Diliberto Real Estate Services LLC had originally planned to sell the property, a five-acre-plus riverside parcel just north of Roosevelt Road, in a sealed-bid auction that ended May 5. But the sale has been switched to a live auction May 25, says Frank Diliberto, president of Orland Park-based Diliberto Real Estate. The property's current zoning allows for 1,500 residential units and a half-million square feet of retail space. Mr. Diliberto expects the buyer to focus on apartments, hotels or other unforeseen specialty uses. The opening bid is $8.4 million, he says.
We had a post about the auction site and what you would do with it called Dreaming of Interesting Things for a High Profile Lot in the Sloop...a good read.
(Image from 1212southmichigan.com)