Developer to build West Loop apartment on fomer Carmichael’s Steakhouse site

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After receiving an alderman’s blessing for a 120-unit apartment building on the site of the former Carmichael’s Steakhouse, a Northbrook developer sold part of the West Loop property to a Chicago real estate lawyer who plans to build 50 units there.

A venture led by Steven DeGraff, principal at Much Shelist, submitted plans with the city last month for the four-story development at Aberdeen and Monroe streets. The venture acquired the property at the end of July from an affiliate of Michigan Avenue Real Estate Group, a Northbrook-based company whose investors include Chicago Bulls and White Sox owner Jerry Reinsdorf.

DeGraff wants to build 50 apartments on the west end of the property bordered by Aberdeen on the west, Rundell Place to the north and Monroe to the south. Michigan Avenue has retained ownership of an adjoining parcel just to the east where it plans 70 apartments, said Chicago zoning lawyer Thomas Moore, who represents DeGraff.

Read more at Crain’s Chicago Business.

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About Michael Shenfeld

Real Estate Consultant

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