Tuesday, June 5, 2018

City Looking to Cash-in on Big Lot on Clark Street Behind Police Station

Looks like the city is realizing that they're sitting on a nice piece of property and is ready to cash in (via Crain's):
As the city of Chicago fosters big new developments around the South Loop and Near South Side, it's also hoping to piggyback on them to boost its own coffers.

That's the idea behind the 2.4-acre parking lot at 1701 S. Clark St., which the city recently put on the market. The lot is used by the Chicago Police Department's 1st District.

Marketed by brokerage Cushman & Wakefield as a potential development site, the parcel is just a couple of blocks from the 62 acres of vacant land along the south branch of the Chicago River where developer Related Midwest plans a massive mixed-use project featuring as many as 10,000 new homes.

A few blocks southeast of the CPD lot, the city is vying to transform the neighborhood around McCormick Place into an entertainment district anchored by Wintrust Arena, which opened last fall.

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