LG Development Group had big ideas for the 15,295 square-foot lot at 111 W Chestnut St in River North. Three years ago, LG started pursuing the approval of a 28-story, Hartshorne Plunkard-designed high-rise for the site, but dropped the plan in late 2008 amidst some lousy construction conditions and complaints by a handful of neighboring homeowners.
Last Friday, the vacant lot went on the market at a bank-approved price of $3,149,000. According to the listing by Donald Marcus of Century 21 MB Real Estate, the site is nearing foreclosure and must sell this month. “Several parties have interest so come in with your highest and best offer,” Marcus writes.
At least 14 rental developments planned for downtown neighborhoods are either under construction or seeking financing right now. Will this site tempt another builder to jump into the fray? If so, don’t expect Hartshorne Plunkard’s “single-family skyhomes” design to last — the boutique high-rise was to have 49 to 59 units, considerably less than what any other apartment developer wants to build right now.
NOTE: A representative of LG Development asked us to clarify that LG was not the owner of the site.