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1000 South Michigan Avenue in Chicago: Court-Ordered Vacant Parcel Auction

May 25, 2010

This vacant parcel of land, located on Chicago’s Michigan Avenue, is ideal for an investor or developer who has the insight and resources to capitalize on a “jewel” of an opportunity.

A tremendous place to park cash and be uniquely positioned for the next up cycle!

Location: 1000 South Michigan Avenue, Chicago, IL

Parcel: 33,700 sq. ft.   (251′ x 134.28′)

Property Highlights:

  • Located on the West side of South Michigan Avenue
  • Near Chicago’s Loop, public transportation, Lakeshore Drive and the expressway
  • Property is currently operated as a surface parking lot
  • Near hotels and newly developed condominium buildings
  • Access to Grant Park, steps from Chicago’s Lakefront
  • Positioned in a fast developing Downtown University Campus area
  • Entitlements for up to 40 stories and 350 condominiums, and potential for numerous development alternatives

Previously Priced up to: $33,000,000
Purchased in 2005:
$28,800,000
Approximate Outstanding Bank Debt (5-19-2010):
$25,280,250
2008 Appraisal:
$24,000,000
Suggested Opening Bid:
$9,000,000

AUCTION DATE: July 27, 2010

More information about this auction will be posted as it becomes available. In the meantime, if you have any questions or would like to inquire further, please contact Rick Levin at Rick Levin & Associates, Inc.

Phone: (773) 252-4500

Email: rick@ricklevin.com

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