CIM Group in a Joint Venture with Golub & Company and Avoda Group Acquire Development Site at 1550 North Clark Street
Partnership Designing New Luxury Condominium Building
CHICAGO, May 4, 2017 /PRNewswire/ -- A partnership comprised of CIM Group, Chicago-based Golub & Company and its partner, Chicago-based Avoda Group today announced the acquisition of a half-acre development site located at the southwest corner of Clark Street and North Avenue on the city's Near North Side, immediately adjacent to Lincoln Park.
Situated at the confluence of the Gold Coast, Old Town, and Lincoln Park neighborhoods, the site is one of the few remaining parcels nestled among historic and cultural buildings along Lincoln Park, and will feature the first noteworthy development overlooking the Park in nearly a decade. The site is within walking distance to numerous dining and entertainment establishments, and cultural and educational institutions, making it an ideal location for a new luxury residential building. A significant feature of this site are the views that are protected in all directions by the partnership's ownership of adjacent air-rights and by neighboring low-rise historic buildings.
"There are very few sites on the Near North Side with immediate access to Lincoln Park and valuable protected views both of the Park and the lakefront, two irreplaceable neighborhood amenities," said Michael Newman, President and CEO of Golub & Company. "Our intention is to build an exceptional building that benefits from the abundance of light and views, and redefines this location."
A previous proposal for the site had received conditional approvals for a luxury mid-rise condominium building from the Commission on Chicago Landmarks and from the Department of Planning and Development.
Mr. Newman commented, "We are working with the Chicago-based architecture firm Solomon Cordwell Buenz on a new design with updated floor plans, finishes and amenities that fit within the framework of the existing development program approvals. We anticipate unveiling the new design this summer."
The new ownership group has a long track record of building successful residential projects. In Chicago, Golub & Company, a three-generation, family-run firm that has built thousands of luxury, multi-family units locally, nationally and internationally, recently completed Moment in Streeterville, and with CIM Group, one of Chicago's most active real estate investors and developers, 1001 South State in the South Loop. CIM Group also recently developed Marquee at Block 37 in the Loop. Avoda Group's ownership has been involved in over $3 billion of development and acquisition activity, and the firm recently developed several luxury residential projects on Chicago's Near North Side.
About Golub & Company
Since its founding more than 55 years ago, with three generations of professionals working in the business, Golub & Company has built a strong reputation as a trusted co-investor and developer with its many institutional and private capital partners. It's a reputation based on track record; Golub and its affiliates have owned, leased or managed more than 50 million square feet of commercial, mixed-use and multifamily real estate properties, including 45,000 residential units, valued in excess of $10 billion located across the United States and internationally. Access more information by visiting www.golubandcompany.com.
About CIM Group
Established in 1994, CIM is a leading partner for global institutional investors seeking to invest in real assets located in and serving urban communities with a principal focus on North America. CIM is a real assets manager offering investment strategies in opportunistic, stabilized, and value-add real estate, real estate debt, and infrastructure. CIM's broad expertise includes in-house research, acquisition, investment, development, finance, leasing and property management capabilities. Headquartered in Los Angeles, CIM maintains regional offices in New York City, Oakland, CA, Bethesda, MD, and Dallas. For more information, please visit www.cimgroup.com
About Avoda Group
Avoda Group pursues real estate development and opportunistic investment opportunities with meaningful upside potential where risk can be mitigated through an entrepreneurial approach, execution speed, high principal involvement and asset specific fundamentals. The ownership of Avoda Group has been involved in over $3 billion of development and acquisition activity through more than five dozen real estate ventures.
Media Contacts
For Golub & Company
Patricia True Agos, Akrete
[email protected] or (773) 758-5044
For CIM Group
Karen Diehl, Diehl Communications
[email protected] or (310) 741-9097
SOURCE Golub & Company
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