Crescent Heights lists NEMA Phase 2 site for sale

Miami-based developer Crescent Heights has listed the vacant site at 1201 S. Michigan in the South Loop. Measuring 43,123 square feet, the property is at the southeast corner of W. Roosevelt Rd and S. Michigan Ave overlooking Grant Park. According to Crain’s, the developers have hired CBRE to market the property.

Sited directly adjacent to the 76-story skyscraper NEMA Chicago that Crescent Heights finished in 2019, the site was once planned to get a second phase of NEMA, which would have risen approximately 900 feet and include an additional 621 units. The zoning entitlements for a tower of this scale will stay in place for a future developer to use or modify. The marketing information included that the site could have one tall tower, or two shorter buildings built in phases. 

Crescent Heights has owned the property since 2012 but cite a focus on Fulton Market as reasoning for trying to offload this property. The developer has entitlements for a 38-story, 425-foot-tall residential tower at 640 W. Washington and is working through the approval process on a 615-foot-tall skyscraper at 420 N. May.