DOWNTOWN — The last tenant in a Michigan Avenue building slated for redevelopment has moved out, but whether the site gets rebuilt or resold remains to be seen.
A Subway store closed earlier this month at 300 N. Michigan Ave., leaving the four-story brick building between the Chicago River and Millennium Park vacant.
Chicago developer Sterling Bay Cos. acquired the property at 300-310 N. Michigan Ave. in 2013 and eyed it for a new shopping center. Sterling Bay even hired real estate firm Cushman & Wakefield to find new stores, but Cushman representatives said Tuesday they're no longer involved with the project, signaling that Sterling Bay may be preparing to flip the site to a new developer. A current listing couldn't be found, but Sterling Bay hired broker Eastdil Secured to explore a sale in 2014, according to Crain's. City records don't show any recent building permit applications.
A rendering of the 300 N. Michigan retail project posted on Sterling Bay's website.
A sale could yield new high-rise plans reminiscent of the building's pre-bubble past. The building was once pegged for a 52-story tower including a hotel, apartments, and retail, but that 2008 plan quickly fizzled during the ensuing recession. Sterling Bay acquired the building at a discount after buying a delinquent loan on the property and coercing a so-called deed-in-lieu of foreclosure three years ago, court records show.
A high-rise proposal could require City Council approval, but the structure has potential as one of the few low-rise, Michigan Avenue buildings south of the river without landmark protection. Nearby projects include the hotel opening this spring inside the London Guarantee Building at 360 N. Michigan Ave., and Apple's new riverfront store nearby.
Subway's departure from the building followed closures by Walgreens and RadioShack. Representatives of Sterling Bay, Eastdil Secured and Subway did not return messages seeking comment.
For more neighborhood news, listen to DNAinfo Radio here:
