A former Related Midwest executive has picked up a property just west of McCormick Place with a plan to develop a boutique hotel on the site.

A venture led by Nick Anderson paid nearly $6.3 million last month for a property at 2328 S. Michigan Ave. in the heart of historic Motor Row, according to Cook County property records and people involved in the deal.

Anderson's real estate investment firm, Fern Hill, which he launched in 2018 after a decade at developer Related Midwest, bought the property from a venture of Chicago-based real estate firm JRG Capital Partners.

Details of the plan for the 30,415-square-foot parcel are unclear and Anderson couldn't be reached. But multiple people familiar with the firm's vision for the site confirmed its plan for a hotel. The Fern Hill website also promotes a "Motor Row Hotel" project that would "engage the community and encourage visitors to interact with other local businesses and entertainment venues."

Read more at Crain's Chicago Business

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