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.