Mixed-use building set for oneC1TY
Details are unfolding for a mixed-used building eyed for One City.
The future 15-story building will offer about 250,000-square-foot office space and about 18,000 square feet of ground-level retail.
Chicago-based Convexity Properties owns the 2.17-acre unimproved property, having paid $11.7 million for it in October 2021. The property (see here) is bordered by Charlotte Avenue on the north, City Avenue on the east, City Boulevard on the south and the site of future apartment building Haven at Charlotte on the west.
Convexity is the real estate and development arm of DRW, which was founded in the late 1980s and also offers venture capital and crypto arms. DRW has real estate holdings in, among other cities, London, Montreal, New York, Singapore and Tel Aviv, according to its website. Notable projects include the 1.4-million-square-foot BMO Tower under construction in Chicago. The company also developed a Chicago site with the Viceroy Hotel and is underway with the 30-story 1900 Lawrence tower (700,000 square feet) in Denver.
Convexity has enlisted Frank Thomasson and Byran Fort, first vice presidents with the local office of CBRE, to market the office space.
Thomasson confirmed the project but declined to offer specifics, including a groundbreaking date. However, he said that though the project remains in the design phase, the team hopes to announce formal details in the spring.
An entity affiliated with Dallas-based Cambridge Holdings, the master developer and owner of the bulk of the 20-acre One City (stylized as “oneC1TY”), was the seller in the October deal. In May, Cambridge sold for $10.4 million 1.63 acres on which is planned a seven-story residential building. Phoenix-based Alliance Residential Co. now owns that property and will undertake the project.
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