Levin to auction "jewel of an opportunity" on Michigan Avenue in July

In the years prior to the housing downturn, developers looked a the 251' x 134' parcel at 1000 S Michigan Ave in the South Loop and envisioned a soaring condominium tower with wide, unobstructed views onto Grant Park and Lake Michigan.

On July 27, someone may take the first steps toward realizing the lot's potential by buying the parcel during a court-ordered auction managed by Rick Levin & Associates.

"This parcel is for an investor or developer who has the insight and resources to capitalize on a "jewel" of an opportunity," Levin says in his auction promotions. "A tremendous place to park cash and be uniquely positioned for the next up cycle!"

According to Levin, the property was appraised at $24 million in 2008, and will start at a suggested opening bid of $9 million.

Renaissant Development Group hoped to break ground on the 40-story, 346-unit Park 1000 tower by October 2008, but the project went into foreclosure in spring 2008.

Learn more about the auction in this video at Levin's website.