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Developers, Buyers Line Up in South Loop

CHICAGO-As more than 100 units at Marquee Michigan Avenue sell just a month after the at 1454-68 S. Michigan Ave. sells for $4.7 million, two more developers look to build another 538 units nearby.

By Mark Ruda | Updated on August 16, 2005

(To read more on the multifamily market, click here.)

CHICAGO-The South Loop condominium market remains brisk, forcing one developer to add a floor to its project while two more line up for permission to build. Nearly half of the Marquee Michigan Avenue’s 215 units have been sold in the month following Sedgwick Properties Development Corp.’s $4.7-million acquisition last month of the 30,000-sf site at 1454-68 S. Michigan Ave.

Meanwhile, the plan commission Thursday is expected to endorse two more multifamily buildings within two blocks of Sedgwick Properties’ building, scheduled for completion in 2007. A 278-unit building is planned for 1401 S. State St., while the massive Central Station project is getting a 32-story, 260-unit addition at 1337-55 S. Michigan Ave.

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