Chicago real estate's strong year hit another high mark when Related Midwest parted with the OneEleven building on Wacker Drive for $333M just six months after opening. This is record-shattering big, Michael Phelps-at-the-Olympics big. The sale to the real estate investment firm Heitman values each of the 504 units at $661,000, and each square foot at $3.64, both the highest in the city. It's a big coup for Related, and this massive new war chest begs the question of whether or not that cash may be steered toward some of the firm's other big-name projects, such as the Robert A.M. Stern Tower in Streeterville or the Spire site. Remember, they did say they wanted to fill in Chicago's most infamous hole with an "architecturally significant and thoughtful development." This could provide some of the capital.
Related bought OneEleven after the crash crushed a plan to fill it with condos and a four-star Shangri-La hotel and turned it around with apartments just as rental demand downtown goes through the roof. The high-rent high-rise also has a new retail tenant. Bounce, a London-based ping-pong bar, signed on for the 10,000-square-foot space.
·Downtown apartment tower fetches record price [Crain's]
·Previous Apartment Boom Town coverage [Curbed]
·Previous OneEleven coverage [Curbed]
·Previous Related Midwest coverage [Curbed]