Desmond says units, which will average 1,300 sf, will likely sell in the $300 per sf neighborhood. That would be comparable to Museum Park Place, according to Appraisal Research Counselors' second quarter "Residential Benchmark Report," which notes second-quarter sales at the building at 1841 S. Calumet Ave. have averaged $323 per sf at 1,266 sf per unit. The Enterprise Cos. is building Museum Park Place.
Designed by Pappageorge/Haymes Ltd., the building will include 9,300 sf of ground-floor retail space as well as a 301-space parking garage in six stories. The retail space will be added to a S. Michigan Avenue inventory already is earmarked for at least three restaurants, according to testimony at a recent plan commission meeting.
After getting a plan commission endorsement, plans for the 350-foot building are expected to be considered next week by the city council's committee on zoning. Meanwhile, Central Station, LLC must close on its purchase of the 24,207-sf site at the northeast corner of Michigan Avenue and 14th Street.
Another issue to be settled may be access to the parking garage, originally planned for 14th Street. However, the department of planning and development recommended garage access from an alley behind the building, says attorney John George, representing Central Station. Alderman Madeleine Haithcock has since suggested access from 14th Street.
Central Station, being developed by Cleveland-based Forest City Enterprises and Fogelson Cos., is in its 11th year of construction. "It gives me great pleasure to see how the development is unfolding," says plan commission member Doris B. Holleb.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
