CIM Group, Golub approved for Old Town luxury condo building

The 32-unit project at 1550 North Clark is rare condo development in a market more focused on rentals

Oct.October 12, 2018 03:00 PM

Michael Newman, Shaul Kuba, and 1550 North Clark Street (Credit: Golub & Company, CIM Group, and 1550onthepark)

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,[] 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.

Related Articles

Chicago Skyline (Credit: iStock)

Windy City’s real estate blown away by other cities

Onni Group president Rossano de Cotiis and a rendering of 369 West Grand Avenue (Credit: Brininstool+Lynch)

Onni Group lands big loan for 41-story River North tower

Clockwise from left: 123 S. Peoria St., 2643 N. Hermitage Ave. and 3754 N. Janssen Ave.

Here are the priciest resi listings in Chicago from last week

Cook County Assessor Fritz Kaegi and a Winnetka mansion (Credit: Cook County and Redfin)

Chicagoland mansion owners won’t get the tax breaks they were promised

301 West North Avenue and Sedgwick Development President Marty Paris (Credit: iStock)

It’s partner vs. partner in lawsuit over Old Town resi project

From left: 1109 W. Washington Blvd., 1943 W. Cortland St., 2753 N. Hampden Ct. (Credit: Redfin)

Here are the priciest resi sales in Chicago this week

Water Tower Place at 835 North Michigan Avenue (Credit: Google Maps)

To compete with new product, this Mag Mile condo board is slashing fees

Barnes & Noble at 1124-1130 North State Street and Michael R. Haney, President & CEO of Newcastle Limited (Credit: Google Maps)

Newcastle buys Near North Side property despite failed resi tower plans