Revel Motor Row
2400 S. MICHIGAN AVE.
ADAPTIVE RE-USE | MOTOR ROW DISTRICT
FORMER ILLINOIS AUTOMOBILE CLUB BUILDING
NelsonHill competed to win the assignment to sell the historic Illinois Automobile Club Building at 2400 S. Michigan Avenue (most recently known as the Defender Building).
Our company differentiated itself from the brokerage competition with our local track record and market intelligence in the South Loop neighborhood. After a rigorous marketing campaign, designated agents Michael Nelson and Mark Nelson were able to attract two developers who competed against each other to submit final highest-and-best offers. The NelsonHill team helped ownership leverage the interest to drive up the price to $4,250,000 ($50,000 above asking). NelsonHill assisted ownership in evaluating the buyers’ credibility and proof of funds before selecting the winning bid.
With ornate architectural elements and its prominent location in Chicago’s Historic Motor Row District, NelsonHill understood the value developers would place on this Historic property. The original building was constructed 75 years ago, in a time when only the most quality materials were chosen, and facades were handcrafted to reflect high status. Originally owned by the Illinois Automobile Club and designed by famous architect, Philip Maher, this landmark has a great history and holds excellent potential.
The boutique hotel concept has been popularized in the past 30 years in North America and Europe by tourists who favor more amenities and better services. Popular hotel chains like Starwood Hotels & Resorts have began establishing their own boutique resorts to accommodate this trend, as well.
NEW DEVELOPMENT IN THE NEIGHBORHOOD
The Motor Row District is conveniently located adjacent to Chicago’s largest convention center: McCormick Place and sees millions of convention-goers each year. Until recently, the desire to remain in the neighborhood was limited by a lack of retail attractions and hotel accommodations. However, a number of new developments nearby are currently underway to facilitate growth in the neighborhood. Recent projects include:
- Cermak CTA Green Line Station – Recently completed in February 2015, this $50 million infrastructure addition to the neighborhood provides local residents and visitors immediate access to Downtown Chicago. This project was much needed to bridge the 2.5-mile gap between stations on the Near South Side.
- Marriott Marquis Hotel – A $390 million new hotel development located adjacent to McCormick Place. This 1,206 room hotel will be 50 stories tall is intended to attract convention / trade-show visitors and will be completed late 2017.
- McCormick Place Event Center – This 10,000-seat arena and event center is currently under construction and is intented to open to the public next Summer 2017. The $164 million development will be owned by The Metropolitan Pier and Exposition Authority and accommodate DePaul University’s basketball events, in addition to concerts and local events.