After one developer failed to win aldermanic support for a hotel plan at the corner of Rush and Superior last year, another developer is stepping up to the plate and may have another high-rise proposal on the way. According to Crain's, developer Golub has recently purchased a four-story property at 740 N. Rush St. for $22 million. There's no word yet on what Golub plans to do with the site, but Crain's suspects that the developer may soon propose something. The developer has stayed busy with office projects and is currently constructing two apartment towers in the downtown area.
Crain's suggests that either a hotel or residences would be best for the site, considering its proximity to the Magnificent Mile. However, a dense hotel or rental plan could become DOA like the dual-Hyatt flag proposal that Alderman Brendan Reilly killed a year ago. Downtown developers have been slow to jump back into the condo market, but demand for new condos is high and inventory is low. This will be one corner to keep an eye on in the coming months.
·After sale of site off Mag Mile, could high-rise proposal be far behind? [Crain's]
·Alderman Reilly Pumps the Brakes on 620-Room Hotel Proposal [Curbed Chicago]
·Previous Mag Mile coverage [Curbed Chicago]