Thursday, August 21, 2014

Prime Real Estate Lots Back on the Market Along the Chicago River

This is a slightly old story, but figured people would still be interested in case they missed it (via Crains):
Lots for Sale both North and South
of the infamous River City (Image via Crains)
Two development sites surrounding the River City residential building along the Chicago River are for sale, both coming out of extended legal battles.  
Chicago-based Millennium Properties R/E Inc. was appointed by a Bankruptcy Court judge to broker the sale of a 1.8-acre site just south of Bertrand Goldberg-designed River City, 800 S. Wells St., between Wells and the river in the South Loop. The property is owned by embattled condominium developer Nicholas Gouletas but has been tied up in Bankruptcy Court since August 2013 in the aftermath of Mr. Gouletas' failed attempt to acquire an almost 3,900-unit apartment portfolio for $950 million.  
The parcel, now used as a parking lot, has zoning in place to develop 282 residential units, said Daniel Hyman, president of Millennium Properties. The land between River City and the Roosevelt Collection mixed-use development to the south is worth $10 million, Mr. Hyman said. An investor familiar with the property estimated it to be worth closer to $7.8 million, or $100 per square foot.
They also mention another smaller lot in the vicinity of these two that is for sale:
Along the east side of River City, a 0.8-acre parcel, also currently a parking lot, was listed for sale less than a month ago by Seattle-based brokerage Colliers International.  
That site, at 817-907 S. Wells St., has an asking price of $6.2 million, or $175 per square foot, according to a Colliers flier.
If you recall we did a post on this lot because a reader thought there might be some action coming.  Apparently that didn't pan out.

(Hat tip:  JJ!)

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