Chicago-based Albion Residential has paid $31 million for Midtown property on which it seeks a mixed-use development, with ground to break on the first tower by year’s end.

The addresses of the five parcels on which will unfold Albion Music Row are 1503-1517 McGavock St. The 1.87-acre property is located at the southwest corner of the intersection of McGavock Street and 14th Avenue.