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Central Station Project Gets 260 Condos

CHICAGO-Central Station, LLC hopes to begin construction on an $80-million, 32-story tower at 1335-77 S. Michigan Ave. next spring, the latest piece in the massive South Loop development.

By Mark Ruda | Updated on August 23, 2005

CHICAGO-A vacant office building in the 1300 block of S. Michigan Avenue will be replaced by an $80-million condominium tower, the newest piece to the Central Station development. Central Station, LLC president D. Timothy Desmond tells GlobeSt.com his company expects to begin construction of the 32-story, 260-unit tower at 1335-77 S. Michigan Ave. next spring.

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.

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