Chicago Real Estate & Chicago Property & downtown chicago condos & pre-construction condos in chicago Administrator on 17 Jul 2007 06:42 pm

Taxman plans to acquire $100 Million in real estate

Some exciting big-ticket news in the high real estate world today: Terrapin-Taxman LLC bought a 79,000 square foot site at the intersection of Madison and Halsted in Chicago. Working togeter with The Taxman Corp. from Skokie, IL., they have bought the property they plan to develop on from MB Financial Bank.

The price of the primo property hasn’t been disclosed, but they have announced that there will be $100 million in new development in both condos and retail.

The bank that owned the property had it sitting around as surplus real estate, and the new developers are excited to acquire the property. Seeing as the land is highly visible and in a great location, whatever they paid for it will likely pay off in spades. Near downtown and visible to several major thoroughfares, good planning and development will definitely lead to a wise investment on the part of the new owners.

The development group has been doing other developments in the area that have been shaping up well, leading to an interest in this property.

The plans so far are to have two separate buildings. One will feature 100,000 square feet or more of retail. The developers would like to have a “great retail corridor” under their belt to compliment their mostly-residential portfolio so far. Taxman Corp. has much more of a retail bent, and their expertise is being called upon to make sure this is a success.

The Walgreen’s across the street is already interested in moving in, as is an as-of-yet unnamed high-end grocery store. The community so far seems interested in the development.

The other building will contain up to 230 condominiums. If you like keeping track of under-development real estate, be sure to take a look at the Chicago Spire which looks to be one of the most ambitious real estate projects in history—and almost definitely the biggest in Chicago.

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