Juicy South Loop Parcel Finally Sells: More Condos?
Crain’s is reporting that a large parcel of land on the Chicago River in Printers Row that has sat empty for 37 years was finally bought by a smaller Chicago real estate developer for $40 million.
The piece of land is just north of River City on Wells Street- or across the street from Wells Street Tower and the Vetro. From Crain’s:
Skokie-based Russland Capital Group says it recently bought a 6.5-acre parcel in the site known as Franklin Point from Florida-based railroad CSX Corp. Russland is the third builder in four years to take a crack at the property, a mostly empty grassy expanse beginning four blocks south of the Sears Tower and extending to Polk Street.
It could be something spectacular because it has both the River and it’s near downtown and Printers Row.
Heck, it might even push up values in River City next door if it’s done right.
“It’s a huge, huge advantage to have something on the river,” Mr. Bletnitsky says of the site, formerly occupied by the Grand Central Station rail terminal, which was demolished in 1971.
Franklin Point’s proximity to downtown businesses would make it an enticing place to live, real estate experts say. The site “does have a lot of potential because it’s immediately adjacent to the south end of the financial district,” says Gail Lissner, vice-president at Appraisal Research Counselors, a Chicago-based real estate consulting firm.
Other attempts to buy the parcel have fallen short. Two months ago, another developer, Chicago-based Rokas International Inc., abandoned plans to build as many as 3,000 homes, a hotel and a marina after failing to come up with financing to buy the property.
There are currently no set plans on what will be built there. But you can imagine it will be condos, condos, condos.
But this is a real opportunity to create something of a neighborhood of that stretch of Printers Row. With the fabulous River front – there could be restaurants right on the water, some townhouses AND several high rises. A mixed community, so to speak.
What do you think?
Photo By: Erik Unger for Crain’s
The entire parcel is 8.5 acres. D2 Realty owns two acres in the Northeast corner which, according to Crain’s, is under contract to a new buyer for $20 million.
No more downtown views from River City, but that building needs some change.
A couple of grocery stores would be nice as well. There are plenty of condos in the .5 mile radius and the only Dominic’s is on Roosevelt. Something similar to Block 37, but a little smaller. With bunch of cafes and food stores. And a nice river walk by the river.
The new buyer was quick to slap padlocks and no trespassing signs on the gate so local residents can’t use it for walking dogs anymore. Not a great way to engender goodwill. This will be Fioretti’s (2nd ward alderman) biggest test to date. Several hundred condos in Vetro and Wells Street Tower will be watching closely. Hopefully they really do build the neighborhood and don’t just cram as many parking spaces and condos as they can on the plot.
A wrecking ball would probably do more for River City values than any local development.
I would like to see more entertainment down there, like rivers in the Merc, with a huge riverside deck. I work on the east side and would never think about going near the Sears for entertainment right now. Lets hope that changes.
There is too much ghetto at River City for this to be successful.
Great Idea! with ~6000 condos coming online this year and a bulk of them in south loop, lets add a couple of thousand more. I think a lot of these “condo” buildings will become apartments in near future. What does that do to home values?
better late then never, eh?
ss on March 26th, 2008 at 12:19 pm
There is too much ghetto at River City for this to be successful.
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Don’t worry, when it fails to sell, they can just sell it (for a profit) to the City and make it Harold Ikies North…
this spot needs more density than block 37, the old plan called for 8 buildings (one over 80 stories) and some town homes as well. It had a nice river walk with shops and cafes, hopefully they will retain some of this.
There is a Whole Foods just blocks away by the Dominic’s …I don’t understand the need for more grocery unless it’s a smaller corner shop type of store.
They actually could really use a Walgreens or CVS in that neighborhood. The closest ones are on State Street or by the Sears Tower.
Why have so many developers failed with this property? Is it the financing? Is there something wrong with this piece of land?