Tandem Partners, Rambaud Holdings close deal for site of River West tower

The plan hinges on a rezoning of the property as a transit-oriented development

Apr.April 12, 2018 08:30 AM

Rendering of 1040 West Huron Street (Credit: Marcus & Millichap)

Tandem Partners and Rambaud Holdings have acquired a River West property where they’ve had plans on record since October to build a 23-story mixed-use building.

The developers picked up the 28,000-square-foot development site at 1040 West Huron Street for $11.4 million, The Real Deal has learned.

The project is slated to include 226 market-rate rental units, 97 parking stalls and 2,300 square feet of retail space near the intersection of Milwaukee, Chicago and Ogden avenues.

A three-story loft office building on the site would be preserved and renovated as part of the developers’ plan.

The plan hinges on a rezoning for the property to allow it to receive transit-oriented-development benefits, which lower the number of required parking spaces and allow higher density than the city would on the site allow as-of-right.

The CTA Blue Line’s Chicago Avenue station is about three blocks away, which is close enough for a TOD designation.

Marcus & Millichap’s Stephen Lieberman and Kyle Stengle represented the sellers on the deal.

Requests for comment from the developers were not returned in time for publication.

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