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Joint Venture Owners Break Ground on Mixed-Use Grand Plaza

CHICAGO-Site of multi-use project is the last major parcel to be sold off by the American Medical Association. Retail and multifamily will rise in its place.

By Bonnie Grota | Updated on November 21, 2000

CHICAGO-Grand Plaza has officially broken ground. The multi-use project will include, 105,000 sf of retail, 1,000 parking spaces and 764 upscale apartments in two towers in the heart of the River North neighborhood of Chicago’s Central Business District.

Several elected and city officials joined developers from the Cataldo/Marovitz Group, US Equities Realty LLC, Magellan Development Group and Near North Properties to participate in the ground-breaking.

The last of eight River North parcels to be sold by the American Medical Association, the Grand Plaza site is currently considered to be one of the most valuable pieces of real estate in Chicago’s CBD. The property’s value, particularly its retail potential, has increased significantly with the opening of a nearby Nordstrom’s and the planned redevelopment of the Medinah Temple across the street as the nation’s first stand-alone Bloomingdale’s Home Store. The property includes 360 ft. of frontage on both Ohio Street and Grand Avenue and 220 ft. on State and Dearborn streets. Over 15 million cars pass the site on Ohio Street each year. The Grand Plaza will be the first retail complex on Ohio between the Kennedy Expressway (I-90 and I-94) and Chicago’s Magnificent Mile–Michigan Avenue.

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