20 Motor Row Condo's to be Auctioned

According to Crain's Chicago Business, 20 condos at the Motor Row Development (2303 S. Michigan) are going to be auctioned off on November 15th at the Hyatt Regency at McCormick Place. The timing of this is interesting as it comes on the heels of the Olympic announcement. Our guess is that the owners bought the property on the cheap and were betting on the Olympics to boost appeal of the area around Cermack. Obviously that didn't happen.

Although this area has potential in terms of investment and development, it's probably going to be a slow process (our guess is at least 5-10+ years). However, as we posted earlier this week, there is progress in a potential green line stop at Cermack and State/Wabash which would bolster the area around Cermack.

For those of you interested in the details of the auction:

Units in the three-building complex at 2303 S. Michigan Ave. are being offered with minimum bids set at roughly half the developer’s asking prices, according to a statement from Sheldon Good & Co., which will conduct the auction next month.

Eight of the 20 units will be sold if the minimum bid price is met, while the ownership will use its discretion on whether to sell the other 12 units, says the project’s developer Paul Zucker, president of Chicago-based Motor Row Development Corp. and the brokerage City Real Estate Inc.

(Hat Tip: ND)