Related Midwest has just announced it has entered into a partnership to re-launch three newly-constructed (and previously failed) downtown residential towers located in the South Loop.
Related will be leading the marketing and sales efforts for 1201 South Prairie Avenue, 1629 South Prairie Avenue and 1901 South Calumet Avenue, which total 500 condo properties, in what is the biggest distressed condo deal in the post-boom market.
Curt Bailey, the president of Related, said the firm’s experience will play into its handling of the properties, which have languished in the post-boom market’s condo lull.
“Related has a proven track record of creating and delivering best-in-class residences nationwide and in the Chicago marketplace,” Bailey said. “We are excited to create a unique opportunity for purchasers at these well-located properties by infusing a fresh design aesthetic and by delivering an unrivaled resident experience.”
Located by Grant Park and the Museum Campus, the buildings contain a number of unfinished residences, and in addition to those renovations, Related will be redesigning the interiors for the lobbies and common areas.
A national developer, Related already has a number of acclaimed Chicago properties under its belt, among them Park Tower, 840 North lake Shore Drive and 340 on the Park. It also has two pending luxury rental high-rise developments – 500 North Lake Shore Drive, which is currently under construction, and 111 West Wacker Drive, which it will soon begin constructing. Together, the developments will add 1,000 units to Chicago’s rental market.