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.
