Millennium Auctions Off Riverfront Site

CHICAGO—Millennium Properties R/E has just sold a 1.8-acre riverfront development site at 800 S. Wells at auction for $7.75 million, opening up the possibility that yet another multifamily property will get underway in the South Loop, already one of the city’s hottest neighborhoods. The Chicago-based brokerage and asset management firm auctioned off the property on behalf of the bankruptcy court after securing CMK Development, which eventually purchased the property, as a stalking horse bidder.

Millennium has sold many properties to CMK, Daniel J. Hyman, president of Millennium, tells GlobeSt.com, and it “likes to get in the ground quickly,” so he expects things could move fast. With 158 feet of frontage on the Chicago River, the adjacent River City Condominiums currently uses the 77,258-square-foot site as a parking lot. Previously approved development plans include a condo tower with 276 residential units and six townhomes.