MGA put this property under contract in June 2017. The 33,000 square foot property had an Amerigas land lease that expired in September 2018 and would not be renewed by the seller. The property’s zoning allowed for 99,000 square feet. The contract required MGA to try achieving zoning that would allow 268,000 square feet, two levels above current zoning. Working with the architect, attorney, Chicago Planning Department, Chicago Department of Transportation and four community organizations MGA accomplished the goal.
Final zoning was obtained in September 2018. MGA finalized financing and the contract closed on December 21, 2018 in a joint venture development with Tishman Speyer, a New York based real estate firm. Groundbreaking occurred in August 2019. The project was delivered in March 2021 during the COVID pandemic and was 0% leased. The building has since been leased to 70% during the remainder of 2021 and the remaining leasing should occur by the second quarter of 2022.
“A large measure of our zoning success was due to the attractive design and building plans that we engineered. We strive for appealing architecture and thoughtfulness of the surrounding community. It was a major factor in receiving the necessary community support.”
– Mark Goodman on 320 N. Sangamon
“Our contract required us to obtain a zoning level that most thought was unattainable. Our zoning attorney even had doubts. Working together as a team we were able to address each road block and successfully obtain our zoning in a little over 1 year.”- Troy Imke on 320 N Sangamon