Fern Hill has acquired 2328 S. Michigan Avenue in Chicago’s Motor Row neighborhood. The developer reportedly purchased the asset from JRG Capital Partners for more than $6 million.
According to a report in Crain’s, JRG paid $2.2 million. The 30,415-square-foot plot is currently home to a Burger King, whose lease expires in 2021. The site also sits within an Opportunity Zone, a fact that Fern Hill leveraged when obtaining $4.5 million in financing from Wintrust Bank.
Plans for the site are unknown, but the Fern Hill website is marketing a “Motor Row Hotel.” It’s unclear if the developer will push ahead with those plans in light of the effects of COVID-19 on the hospitality industry.
