CHICAGO--(BUSINESS WIRE)--CIM Group and its joint venture partner, Murphy Development Group, announced today the acquisition of a 0.6-acre site located at 1326 S. Michigan Avenue and development air rights from adjacent properties in Chicago’s South Loop. The assemblage is entitled for the development of a 46-story, 500-unit apartment tower with 7,700 square feet of ground floor retail and a 190-stall parking deck. CIM Group and Murphy Development Group are co-developers of the project.
“The South Michigan Avenue market is strong now and just keeps getting stronger,” stated John T. Murphy, president of Murphy Development Group. “The dynamic population and an ongoing increase in amenity attributes at the southern base of Grant Park along Chicago’s world-renowned lakefront makes for an ideal opportunity to develop high density, amenity-rich residential.”
Centrally located in the South Loop, 1326 S. Michigan Avenue is an ideal infill location for new residences. The residential tower creates the opportunity to expand housing and also enhance the pedestrian experience along the already burgeoning South Michigan corridor. The South Loop neighborhood offers many attractive amenities including nearby educational institutions, cultural attractions such as The Field Museum, Adler Planetarium, and Shedd Aquarium as well as other well-known venues such as Soldier Field and McCormick Place convention center. In addition, the property is just blocks from Grant Park as well as the Red / Orange / Green line transfer station on Roosevelt, offering connectivity to the other business and entertainment centers in the region.
"CIM shares the vision of our local partner, Murphy Development Group, in bringing new residences to this neighborhood. Murphy laid the groundwork for identifying this in-fill site, secured the air rights, and created the development plan," said Avi Shemesh, founding principal, CIM Group. "This is a compelling opportunity that is a good fit with our firm's investment philosophy."
CIM identified Chicago as possessing the attributes that fit CIM’s investment model that focuses on established and emerging urban areas with solid infrastructure and transportation networks. CIM announced in June the purchase of the office property at 440 S LaSalle adding to its growing portfolio of 2.6 million square feet of real estate investments in the city that includes Block Thirty Seven, a 275,000-square-foot 5-level retail center in Chicago’s Loop, The Marquee at Block 37, a 34-story, 690-unit residential apartment tower, which CIM completed and opened in June, 625 N. Michigan Ave, a 27-story office building, and 1001 South State Street, an apartment development located in the South Loop.
About CIM Group
CIM Group is a
leading real estate and infrastructure investment firm that since 1994
has systematically and successfully invested in dynamic and densely
populated communities throughout North America. CIM Group draws on its
experienced team of real estate, investment and finance professionals to
identify and pursue investment opportunities in five strategic
categories: repositioning and development projects, well-positioned
operating properties, value-add properties, debt, and infrastructure.
Headquartered in Los Angeles, CIM maintains regional offices in New
York, the San Francisco Bay Area, Bethesda, Maryland, and Dallas. For
more information, please visit www.cimgroup.com
About Murphy Development Group
Murphy
Development Group, LLC, led by John T. Murphy, is a Chicago-based real
estate development company with operations and interests across the
country. Recent projects include: 1326 S. Michigan, a 46-story, 500-unit
apartment tower under development in Chicago; 32 West Randolph, an
adaptive re-use conversion into a 200-key Cambria hotel; Holiday Inn
Cleveland Clinic, a 276-key property that opened in May 2016, and two
adaptive re-use hotels that opened in 2015 - Hampton Chicago Motor Club
and Hyatt Centric The Loop Chicago. Additionally, MDG is an owner and
developer of Bay Point Marina, Marblehead, Ohio and previously developed
Lincoln Park 2550, a luxury condominium project in Chicago. Affiliates
of MDG include Murphy Asset Management Group and Murphy Capital Group.