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Provence Plans Sale of $200M Project Parts

CHICAGO-The project at 300 N. Michigan Ave. will have 28,912 sf of retail, a 300-room hotel and 225 units of residential housing.

By Gina Kenny | Updated on March 18, 2008

CHICAGO-Provence Development Group, a locally based developer, is selling off components of a mixed-use development at 300 N. Michigan Ave., here. The estimated cost of the entire development is approximately $200 million, sources say. Provence will be the master developer of the project and plans to sell off the various components, says Matthew Lawton, senior managing director of the Chicago office of Holliday Fenoglio Fowler LP.

The development is expected to have 28,912 sf of retail, a 300-room hotel and 225 residential units. The retail will be on the first two floors of the building with the hotel on the third through 23rd floors and the multifamily component on the 24th through 52nd floors. There will also be 160 parking spaces in an underground garage. The residential component could be condominium or rental apartment units, Lawton says. The development is expected to be completed in the third quarter of 2011.

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