Michigan Avenue - Niche Media - Michigan Avenue magazine is a luxury lifestyle magazine centered around Chicago’s finest people, events, fashion, health & beauty, fine dining & more!
Issue link: http://digital.greengale.com/i/101703
Haute Property NEWS, STARS, AND TRENDS IN REAL ESTATE The Grant at 1201 South Prairie Avenue, part of the new "South Loop Luxury." life at the museum THE SOUTH LOOP CONTINUES TO BOOM WITH THE RELAUNCH OF THREE NEWLY BUILT TOWERS NEAR THE MUSEUM CAMPUS. BY STEPHANIE SIMS I t was only a few years ago that the South Loop was an emerging neighborhood, bustling with new construction and boasting a community feel similar to downtown Chicago and the lakefront. With the recession came partially sold buildings and developers in financial jams, but today, as the market gradually recovers, one developer in particular is looking to "rebuild" the South Loop to its full potential. Related Midwest has taken over three towers in the Museum Campus neighborhood—1201 South Prairie Avenue, 1901 South Calumet Avenue, and 1629 South Prairie Avenue—and has renamed them The Grant, Harbor View, and Adler Place, respectively. Curt Bailey, president of Related Midwest, says he couldn't turn down such a tremendous opportunity. "With as much depreciation as the South Loop has experienced, it's still a great place to live," he enthuses. "We began working with partners on this acquisition over a year and a half ago. We looked at the numbers, and we are real believers in the South Loop market. The access to the city, parks, the waterfront, transportation, schools, and medical centers is unmatched in Chicago." Indeed, the South Loop has always been unique in Chicago because of its proximity to the lakefront and lush, green parks, as well as the bustling downtown and highways, offering the best of both worlds. Bailey hopes the close-knit-neighborhood feel and access to city amenities will attract even more home buyers to the area. His aim is for these three redeveloped buildings to help reestablish the area as a great home for upwardly mobile continued on page 104 MICHIGANAVEMAG.COM 103-104_MA_HP_Opener_Winter13.indd 103 103 1/2/13 12:01 PM