Development Watch: Two Hot Pieces of Land Are Now For Sale in the South Loop

Aaron Dunlap
Curbed Chicago
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sloop08.22.jpg


[photo via the Curbed Chicago Flickr pool/Seth Anderson]

Not long ago we took a look at how the Wells-Wentworth Connector project stands to be a great driving force for South Loop development along Wells Street, an area that's been filled with vacant lots for decades now because the dead-ending street brings no traffic. Today, two of those vacant lots are now on the market after being untangled from ongoing bankruptcy suits. Last month, Crain's broke the story, and hyperlocal site Sloopin followed up on it yesterday. The 1.8-acre lot south of River City along the river is now being brokered by Millennium Properties who are asking $10 million for it. Just across the corner, the 0.8-acre parking lot to the east of River City has been listed by Colliers International for $6.2 million.

Both of these lots are now prime real estate, un-developed land along a road that could very likely see an explosive increase in traffic in a few years, in an area that's already seeing strong growth in development, one of which offers river frontage barely a few blocks from Willis Tower. Getting those two pieces of land out of legal limbo is a great first step toward what could be revitalization of one of downtown's most tragically atrophied areas.
·South Loop sites for sale alongside River City [Crain's Chicago Business]
·Prime Real Estate Lots Back on the Market Along the Chicago River [Sloopin]
·Wells-Wentworth Connector Will Be A Boost For The South Loop [Curbed Chicago]
·Previous South Loop coverage [Curbed Chicago]