Tandem Partners, Rambaud Holdings Plan New Chicago Community
- Apr 18, 2018
Tandem Development of Tandem Partners has purchased a 54,000-square-foot mixed-use property and its adjacent parking lot at 1040 W. Huron St. in Chicago’s River West neighborhood for $11.4 million. Marcus & Millichap negotiated the deal on behalf of the sellers and procured the buyer.
Within the next few months, Tandem, together with Rambaud Holdings, plans to modernize the existing building and develop a new 226-unit apartment tower on the adjoining site. In addition to the residential component, the upcoming 23-story property is expected to encompass 2,300 square feet of first-floor retail space.
“This property provides an excellent redevelopment opportunity as young professionals continue to move into River West and look for high-quality, well-located housing,” said Kyle Stengle, senior vice president of investments with Marcus & Millichap, and one of the brokers facilitating the deal, in prepared remarks. Stengle worked together with First Vice President of investments Stephen Lieberman to close the transaction.
The office building which currently occupies the site was constructed in 1911 and last renovated in 1991. Located one block southeast of the intersection between Milwaukee and Chicago Avenues, the asset qualifies as a transit-oriented development due to its proximity to the CTA Blue Line stop, a designation which will be extended to the upcoming community as well.
“We worked very closely with the city’s planning department and the local neighborhood zoning group to preserve the existing office building and have designed a new building that we feel will be a wonderful addition to the neighborhood,” said Dimitri Nassis, director of development with Tandem, in prepared remarks. “We anticipate construction to start in the middle of the year and for leasing to start in the first quarter of 2020.”
Rendering courtesy of Marcus & Millichap