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The owners of a Gold Coast low-rise building are betting a developer will pay a premium to redevelop the site. The ownership group, which includes JLL's Todd Mintz, placed 1139 N State St on the market and is seeking a huge ROI.
The four-story, 14k SF building is best known for being home to RA Sushi. The Mintz venture paid $2.3M for the building in 1999. But the market is now riding a cresting wave and nearby projects such as Convexity Properties' 4 East Elm condo project, Viceroy Hotel development, and a mixed-use development that includes the trendy Maple & Ash restaurant have Mintz and his partners seeing dollar signs, Crain's reports.
Mintz expects bids for the property to reach or exceed $15M, based on demand for land in the market. [Crain's]
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