CHICAGO, IL – Family owned and Chicago-based real estate investment firm, Windy City RE, is pleased to announce it closed today on two adjacent properties in the South Loop with plans to renovate and redevelop. Windy City RE paid a combined $3.3 million for the two properties that straddle the CTA Green Line located on Cullerton Street between State Street and Wabash Avenue. With an additional $3.9 million for construction, the firm has been working since September on plans to renovate and build a total of 25 units, 20,500 square feet of retail space and a parking lot.
The project differs from the firm’s usual specialty of buying and renovating smaller apartment buildings on Chicago’s north side, but the firm’s principals – Milan, Amy, and Joshua Rubenstein – are confident about its success. “By building smaller three bedroom / two bathroom apartment units, we are delivering a product that is not yet seen in South Loop. Everyone down there is building luxury two bedroom condominiums. We are doing things differently,” says Milan Rubenstein, a principal in the firm. The firm looks forward to catering to a renter market interested in the high end South Loop neighborhood without the condo rental prices.
SOUTH LOOP NEIGBORHOOD
The South Loop neighborhood has been a hot spot for real estate development for some time now with most residential developers cashing in on the condominium market. The neighborhood is expected to see continued development with a city-backed plan announced to expand the convention center campus at McCormick Place and add a CTA Green Line stop just south of Windy City’s project. Additionally, a 10,000-seat multipurpose arena with a 500-room hotel and a separate 1,200-room Marriot hotel are planned for construction in the neighborhood. The City of Chicago plans to rezone the Michigan Avenue corridor nearby for restaurants and other nightlife. The Rubenstein’s group hopes to cash in on the additional foot traffic through the neighborhood by signing on national retailers for their 20,500 square feet of retail space.
A BUILDING WITH A STORY
While very little new construction will be added to the site, extensive renovations will be made on the existing structures. Currently, Blue Star Auto Parts is the building’s only tenant while the rest of the building along State Street has remained vacant since the 1960’s or earlier. Originally, the building was the Cullerton Hotel, an establishment frequented by Al Capone..
To learn more about this project or about Windy City RE, please contact
Milan Rubenstein, Principal
737 N. Michigan Ave. Ste. 1540
Chicago, IL 60611
Office: (312) 867-8744