A Google Maps view of the Hubbard Street Dance property in the West Loop
After being on the market for more than three years, the Hubbard Street Dance group has closed a deal for its West Loop space with developers planning to erect condominiums on the 53,000-square-foot property.
Crain’s Chicago Business reports that Belgravia Group and JRG Capital Partners are the new owners of the property at 11477 W. Jackson and plan to break ground on a 72-condominium project in the fall.
“There’s a great following and great demand for these style of homes,” Belgravia co-CEO Jonathan McCulloch told Crain's. “You’re really hitting two major demographic groups with this product and price point.”
Reports are that Belgravia has designs on listing the 2,150-square-foot properties in the price range of around $800,000 per unit.
“They’ve got this model, and it works,” Integra Realty Resources Managing Director Gail Lissner told Crain's. “They’ve definitely been the most prolific [condo] developer in the West Loop."
Lissner called the Hubbard Street Dance site a “tweener location,” meaning that potential condo buyers will be drawn to the proximity of the Illinois Medical District, the Fulton Market neighborhood, Skinner West Elementary School and a Target store, which she called an “enormous amenity. There’s nothing like living next to a Target for convenience,” she said.
After 22 years its West Loop location, where Hubbard Street Dance goes from here is uncertain as company officials have not publicly indicated where they will be relocating.
Belgravia’s seven-story West Loop development, known as CA6, is permissible under current zoning for the site.
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