Tuesday, December 18, 2012

Crescent Heights Buys High-Profile Land in the Sloop

Crescent Heights, a Miami based developer, continues to buy up space in the Sloop.  This time, they've made another big splash buying some of the most valuable land in the neighborhood (and maybe the city) at the Southeast corner of Roosevelt and Michigan (via Chicagorealestatedaily.com):
A venture of Crescent Heights earlier this month bought a two-acre site at the southeast corner of Michigan Avenue and Roosevelt Road, as well as a one-acre property close to 13th Street and Indiana Avenue, according to a statement from the company.
Right now, these empty lots are an eye sore.  But anyone can see the potential value.  The views from a building on this land would be absolutely breathtaking.

Old renderings for towers at Roosevelt and Michigan/Indiana
From an outsiders standpoint, this seems like a good business decision for Crescent as well.  Besides buying unsold units in Astoria Tower (8 East 9th Street), they also bought 1212 S. Michigan.  1212 sits across the street from this new land they just acquired.  So one can assume, any new building would try to protect sight lines.  Or at a minimum, if they're going to block their own building at least they're the ones who will be benefiting from the new development.

As you may recall, at one point there were some pretty sexy renderings floating around (picture to the right).  We can only assume those are dead, but according to the article:
The firm could build up to 1,200 residential units, 1,500 hotel rooms or 325,000 square feet of office or retail space on the parcel, in a building as tall as 70 stories.
We will keep an eye out for future plans.  The least they could do is maybe clean the empty lot up a little.

Finally, what's the deal with them buying an acre near 13th and Indiana?  Is that the land that housed the sales office for One Museum Park?

(Hat tip: E & MH!)


Anonymous said...

Isn't there a backlog of unsold units in that immediate area? How many times have these projects that go up as condo towers end up as pricey rental apartments?

Anonymous said...

I'm hoping for some type of hotel project which would bring tourist dollars, restaurants and other investment to the area.

Sandeman said...

there will be a high rise project on that land in the next 5 years. Smart move swapping it up!

Jason said...

I'm also hoping for a higher end hotel. I'm no expert by ANY means, it just seems like to me hotel rooms are always at a premium.

I would think the views alone would tempt out-of-towners.