Prime Michigan Avenue Lot Up For Auction July 27

July 21, 2010

At one time, 1000 S. Michigan Avenue was going to be a 40-unit condominium development with unobstructed views of Lake Michigan.

Today, it’s just a vacant parcel of land, and on July 27, it’s hitting the auction block.

Right now, 1000 S. Michigan Avenue is a lowly parking lot.

Several years ago, Chicago real estate developer Warren Barr of Oakbrook-based Renaissant Development Group, LLC, decided to build a 40-story tower along Grant Park with 346 condos, and he borrowed $18.7 million to do it.

Then the real estate market bottomed out.

In May 2008, Elk Grove Village’s First American Bank sued to recover the loan secured by the site.

The court-ordered auction will be handled by Rick Levin & Associates, Inc. The suggested opening bid on the 33,700-square-foot parcel is $9 million.

When the market bounces back, that land should be worth a pretty penny.

“When it does come back, land along Grant Park should be the first to benefit,” said Rick Levin, president of the auction firm. “There aren’t a lot of vacant parcels on this stretch that could offer this large of a development opportunity.”

What: Court-ordered auction of 1000 S. Michigan Avenue in Chicago.

Where: Intercontinental Chicago O’Hare Hotel, 5300 North River Road, Rosemont

When: Tuesday, July 27; Registration begins at noon, auction starts at 1 p.m.

Other: You must have a cashier’s check in the amount of $250,000 to bid.

More: For more information, contact Rick Levin & Associates, Inc. at (773) 252-4500 or e-mail rick@ricklevin.com.

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