CMK Adds to South Loop Land Grab
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CMK Cos is snapping up more South Loop land, this time paying $33M for two riverside properties. The land, which overlooks the Chicago River south of the city's bustling financial district, is the latest in a series of land purchases for the residential developer. CMK reportedly paid $22.9M last month for a vacant, 5.1-acre site just north of Roosevelt Road, the neighborhood's major thoroughfare, and $10.5M for a 1.9-acre parcel near the iconic River City housing complex as well as $7.8M for a 1.8-acre site to River City's south in December. Together, these properties could fit thousands of residential housing units, Crain's reports, but developers have declined to comment on plans for the sites. CMK already has several residential developments in the works in the South Loop and the Loop, including a 144-unit high-rise condo building at 1345 S Wabash Ave and a 307-unit tower at 1333 S Wabash Ave, and a recently completed 714-unit tower at 235 W Van Buren St in the Loop. [Crain's]