The Chicago office of HFF is marketing the site, which is bounded by South Michigan Avenue, South Indiana Avenue, East Cermak Road and 23rd Street. The property is adjacent to the 2.2-million-sf McCormick Place Convention Center. The center is currently undergoing an expansion that will have 710,000 sf and is expected to increase hotel bookings by about 300,000 annually. The site is also near the Museum Campus, Soldier Field and Grant Park.
The property is likely to be redeveloped as a mixed-use site with a hotel and possibly residential and retail components, Lawton says. A developer will likely be able to construct up to 500,000 sf on the parcel, he tells GlobeSt.com.
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