Thursday, March 26, 2015

CMK's Land Grab Next to the Chicago River Progresses

A view of one of the empty lots that CMK bought next to the Chicago River - looking north from Roosevelt
From Crain's:
Residential developer CMK has cleared two more hurdles in its South Loop land grab, dropping more than $33 million on a pair of properties along the Chicago River.
A CMK venture paid $22.9 million last month for a 5.1-acre vacant parcel north of Roosevelt Road on the east bank of the river, one of the largest development sites in the South Loop, according to Cook County property records.
Another venture led by the Chicago developer paid $10.5 million for an empty 1.9-acre site just north of the River City housing complex, county records show.

CMK, whose recent projects include a 714-unit condominium tower at 245 W. Van Buren St., has emerged as the boldest buyer of South Loop land since the crash. In December it paid $7.8 million for a 1.8-acre property just south of River City.

As you might recall, this is a follow-up to the post we did back in January.  However, it appears that the article in Crain's at the start of the year was a little misleading.  CMK has actually bought a property South AND North of River City on the Chicago River.  Back in January we read it as they bought two lots South of River City.

Anyway, the moral of the story is that CMK is betting big on the Sloop and specifically this area on the river.

The Crain's article also presumes that they will be utilizing the river in whatever they're doing with the space (although it seems like it's speculation):
CMK also is building a 307-unit apartment tower at 1333 S. Wabash. Yet the developer's two Wabash projects, while in a more established neighborhood, aren't on the Chicago River, an amenity it will almost certainly embrace in its plans for its newly acquired properties.
Finally, one more fun fact for your Thursday - the lot that they acquired north of River City (known as Franklin Point) was purchased from two former business partners of Jay-Z.  They had plans to develop the lot, but obviously will not be doing that.

(Hat tip:  JJ!)

No comments: