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Rambaud buys piece of booming stretch of Van Buren in West Loop
The developer’s latest acquisition is next to Tandem Development’s planned 201-unit rental complex
Developer Stephane Rambaud acquired a small commercial building on one of the city’s hottest blocks for residential projects.
Rambaud, a principal at Tandem Development and Rambaud Holdings, spent $2.8 million to acquire the building at 1044 West Van Buren Street, Cook County property records show. He also took out a $4.2 million mortgage on the property from Park Ridge Community Bank, records show.
The building Rambaud now owns sits on a West Loop block giving rise to several multifamily development proposals.
In November, Tandem won city approval for a project that will bring 401 apartments to West Van Buren Street. One tower, at 1050 West Van Buren, will rise to 21 stories and include 201 units. The other, at 1125 West Van Buren, will be a 24-story building with 200 units. Rambaud’s property is next door to the parcel at 1050 West Van Buren.
Two months later, Related Midwest and Ohio-based Pizzuti announced plans for a 351-unit rental complex at 1061 West Van Buren Street. That complex will rise next to a 300-unit building that Related finished in 2017.
Rambaud’s plans for the latest acquisition are unknown. The developer could not immediately be reached for comment Monday.
The block is popular with developers in part because of its proximity to the CTA Blue Line. Tandem’s projects on the block are being built as transit-oriented developments.
Rambaud Holdings also is collaborating with Tandem on a 26-story mixed-use project in River West. Plans for the project include 226 apartments, office space and 2,300 square-feet of ground-floor retail.