One of Chicago’s most active developers just snagged a development site in the South Loop for just under $6 million.
CMK Companies purchased a parking lot at 1400 S. Wabash Avenue from American Landmark Properties last month, according to Crain’s. American Landmark Properties received approval four years ago to construct a 296-unit apartment building on the property.
The lot sits across the street from CMK’s 261-unit apartment building on S. Wabash, called the Coeval.
It’s unclear why American Landmark Properties never developed the property. The company purchased the lot for $5.8 million in 2017 and commissioned Lucien Lagrange to create a design.
Similarly, it’s unclear what CMK plans to do with the site, though the developer has built scores of rental projects across the city, according to Crain’s.
With a recession likely, such projects will test the abilities of developers. Lenders were more than eager to provide loans for apartment towers during the boom years. That likely won’t be the case in the years to come. [Crain’s] — James Kleimann