CIM Group and Golub & Company’s planned 32-unit condominium in Old Town will rise amid a rental-dominated market.
The city granted the duo a permit this week for the 10-story “1550 On The Park” project at 1550 North Clark Street, a luxury development that will include ground-floor retail and 67 parking spaces in the basement, first and second floors. Online listings price units in the building at between $1.6 million and $5.6 million, with expected delivery next year. Sales and marketing are being handled by @properties.
CIM and Golub earlier this year landed a $58 million construction loan from New York-based Oak Hill Advisors Investment Corporation. Building permit documents peg the cost of the work at $46 million. The general contractor is Power Construction Company.
The building will go up on the site of the former Elly’s Pancake House and century-old Village Theater, though the theater’s facade was to be saved and incorporated into the new project, according to Curbed.
CIM and Golub took over the parcel in mid-2017 after Howard Weiner’s 101 North condo project failed to materialize.
It is the same partnership behind a proposed massive overhaul of the former Tribune Tower property that would include the city’s second-tallest skyscraper when completed. That project calls for 125 condos (along with 439 apartments and a 200-key luxury hotel).
While condo developments have been rare in Chicago lately, exceptions include JDL Development’s 9 West Walton Street,[https://therealdeal.com/chicago/tag/9-west-walton-street/] which has dominated the list of most expensive sales since last year; Related Midwest’s One Bennett Park and former Chicago Spire site projects; Vista Tower and the condo tower known as 1000M at 1000 South Michigan Avenue from JK Equities, Time Equities and Oak Capital.
Not far from the CIM/Golub project, Sedgwick Properties is building a 15-story condo at 146 West Erie Street in River North.