If you didn't read yesterday, a prominent piece of South Loop land was auctioned off recently. 
1000 S. Michigan was supposed to be a glamorous towering residential building, but the recession hit and the real estate bubble popped and here we are:
1000 S. Michigan was supposed to be a glamorous towering residential building, but the recession hit and the real estate bubble popped and here we are:Investors looking for signs that South Loop land prices have stabilized didn't find one at an auction Tuesday of a prominent South Michigan Avenue development site overlooking along Grant Park.
An affiliate of First American Bank prevailed in the auction of the
vacant property at 1000 S. Michigan Ave., with a winning bid of $11.3 million, less than half the $25.3 million the Elk Grove Village based lender is owed on the site, says auctioneer Rick Levin, whose firm conducted the sale.
(Hat Tip: MH!)
Um, those looking for a *quick* recovery are bound to be disappointed. Those living here for the long haul will do fine. The neighborhood will diversify more when high-rises built as condos are rented out to twenty-somethings as apartments, and over a ten or twenty year stretch it will be better for the neighborhood as a whole
ReplyDeleteMore Section 8 apartments will also improve the diversity.
ReplyDelete