Prime South Loop development parcel set for auction

Sheldon Good & Company has just posted an auction site for a 63,740 square foot South Loop development parcel at 600 S Wells St, the southwest corner of Wells & Harrison St. The site is currently owned by D2 Realty. The red outline, above, marks the site’s approximate boundaries as viewed from the 235 Van Buren condos, a YoChicago sponsor.

Sealed bids, with no minimum bid, are due by December 15.

According to the auction site:

The Seller has obtained a permit to operate a 150 space surface parking lot on the premises. This will enable a buyer to generate income while preparing for a development plan for the parcel. The current zoning on the property is DX-7, which allows the development for approximately 450,000 square feet of residential or commercial use. With use of the many density bonuses allowed by the City’s Zoning Code, the development could potentially increase well beyond 450,000 square feet.

You can see a broader perspective on the site’s location in the above photo by Michael Kardas.

A hat tip to the Sun-Times’ David Roeder for calling our attention to the auction.