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Irish condo developer Chieftain Group is backing out of Grand Central, a proposed $150-million mixed-use development located at the corner of Harrison and Wells streets in the South Loop, according to a report from Crain’s. Last year, Chieftain agreed to pay $20 million to buy the two-acre parcel from owner D2 Realty Services, but now D2 is putting the plot back on the market.
Chieftain’s initial plans for the site had called for two 25-story high-rises with about 250 condominiums, 200 hotel rooms, and 200 rental apartments. A rough elevation diagram of Chieftain’s plans for the site is above.
The two-acre property owned by D2 is just a quarter of Franklin Point, the eight-acre parcel located along the Chicago River between Harrison and Polk streets. The other six acres are owned by Russland Capital Group, which has no immediate plans to develop the site, according to Crain’s.
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My dog will be happy to continue pooping there (yes I pick it up).
The area “shaded” with buildings in the photo above has been fenced off for a few weeks now, although there are two gaps in the fence (to allow for lawn mover access?).
Thank you for the Flicker photos posted today – there are some great photos of the Grand Central Station that once stood on this site.
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