A 200-key hotel and a large residential development proposed for the near South Side suggest Related Midwest’s The 78 mega-project already has long coattails.
A group of investors is proposing the conversion of a vacant 280,000-square-foot warehouse into a hotel and other uses at the corner of Cermak Road and Grove Street, while a separate developer wants to create a six-building, 233-unit residential complex a few blocks north, according to Crain’s.
Both projects would rise near the South Branch of the Chicago River just south of where Related is planning The 78, a $7 billion, 62-acre development that could include 13 million square feet of office, hotel and residential space, with as many as 10,000 residential units.
The vacant warehouse on Cermak is already being marketed as a commercial property known as “Hoyt Square.” Chicago real estate investor Zhuo Huan Chen, meanwhile, proposed the residential complex along Jefferson and Desplaines Streets between Canalport Avenue and 21st Street, which would also include a 137,000-square-foot retail complex, according to Crain’s.
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