The property is eight acres at the southwest corner of Harrison and Wells, which several investors have taken a crack at. It has been vacant since 1971, when the Grand Central Station rail terminal was torn down, to the horror of people who loved the architecture.
Russland Capital Group Inc. of Skokie owns the largest part of the tract, 6.6 acres, and is marketing it for $41 million. The remaining 1.5 acres is at the corner. Its owner, D2 Realty Services Inc., is trying to sell it, but a price could not be learned. It had tried to peddle it for $15 million, but the contract never closed.
Russland's part includes frontage on the Chicago River, so developers have eyed it for a residential and retail mix. The housing collapse and credit squeeze upset those plans.
It's a great piece of property and hopefully turns out well. The Sun-Times article also references that a smaller lot at that intersection is up for sale, but according to an email from a reader who lives in the area, she received an application notification for a new parking lot:
The Property is located at the southwest corner of Harrison and Wells Streets and is currently vacant. The Applicant proposes to improve the Property with a non-accessory parking lot for 218 vehicles. The parking lot will contain perimeter and internal landscaping. It will operate twenty-four hours a day, seven days a week.
Here is a map from the Sun-Times. The striped portion is where the proposed parking lot will be built. The other portion of the map is up for sale.
(Hat Tip: DM & FGFM!)