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CHICAGO-A long-awaited South Michigan Avenue condominium project is now in the hands of Renaissant Development Group. The developer of another South Loop project, Vision on State, has paid a reported $44 million for 1.6 acres at 1000 S. Michigan Ave., where Guy Gardner had planned to build a three-building, 325-unit condominium project overlooking Grant Park.

"This is a gratifying conclusion to our development process and vision," says Gardner, who sells to a developer that has sold 950 units for $350 million in six other projects in the city as well as Evanston. In addition to the 253-unit Vision on State and 1000 S. Michigan Ave., Renaissant Development Group also is building Park Lafayette, a $115-million project on Milwaukee's East Side.

Renaissant Development Group retains DeStefano and Partners, Gardner's architects, for what will now be a 350-unit project. The firm's design for 1000 S. Michigan Ave. includes a terra cotta facade. "We're looking forward to getting the only unsightly asphalt parking lot developed," says Bob O'Neill, president of the Grant Park Advisory Council.