CMK bought the lot from American Landmark Properties, which accustomed the city’s approval in 2016 for a 296-unit accommodation belfry on the site.
CMK isn’t adage what it affairs for the property—President and CEO Colin Kihnke didn’t acknowledge to requests for comment—but apartments are a analytic choice. In accession to Coeval, the 261-unit activity beyond the street, the abutting developed a 307-unit accommodation architecture a block north, at 1333 S. Wabash Ave., and is architecture a 349-unit rental belfry at 717 S. Clark St.
CMK additionally affairs a above residential development alleged Riverline forth the Chicago River south of Roosevelt Road. The developer builds condos, too, commutual a 144-unit activity at 1345 S. Wabash about bristles years ago.
But few developers today are talking about ablution new residential projects as the coronavirus pushes the abridgement into a recession. Before the communicable accomplished the U.S., the Chicago multifamily bazaar was healthy, with affluence of big projects underway but few signs of a glut.
Today, the better catechism blind over landlords is whether their unemployed tenants will be able to accomplish their May hire payment. Given the ambiguity about area the bazaar is headed, few lenders are accommodating to accounts chancy new accommodation projects.
Many investors and developers are abetment out of deals, too. More than 17 percent of U.S. bartering acreage sales appointed to abutting in April accept collapsed apart, according to absolute acreage abstracts provider CoStar Group. Canceled sales accept accounted for beneath than 6 percent of sales activity aback to at atomic 2007.
Skokie-based American Landmark assassin Chicago artist Lucien Lagrange to architecture a 296-unit belfry in a French Provincial style, accepting a zoning change for the activity in the abatement of 2016. It’s cryptic why the abutting absitively not to move advanced with construction. An American Landmark controlling did not acknowledge to requests for comment.
It may be an advance account forgetting. American Landmark paid $5.8 actor for the 25,700-square-foot acreage in May 2017, according to Cook County acreage records. It awash the acreage for a slight gain, but it’s not bright whether the abutting accustomed abundant parking acquirement over the accomplished three years to awning its acreage taxes and architectural and acknowledged fees.
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