Crain’s Chicago Real Estate Daily reported yesterday that a parcel of vacant land at Peshtigo Ct and Grand Ave and 704 parking stalls in an underground garage had been acquired in foreclosure and is currently listed for sale. The land, which was originally slated by MCL Companies for Phase II of the ParkView Condominium, 505 N McClurg Ct, was previously zoned for 232 residential units.
Ten days ago came news that the adjacent River East Plaza had been acquired by developer William O’Kane, who planned to convert it to loft apartments.
You can see all of the new apartment complexes that are underway or may be developed in Streeterville at our at-a-glance list. If all of the parcels on that list were to be developed, more than 3,000 units would be added to the Streeterville market.
Back in December of 2008 MCL Companies’ Dan McLean talked about the underground garage, which is topped by a 75,000 square foot park which functions, in effect, as the largest green roof in Chicago. McLean suggested that the marketing of ParkView’s Phase II would begin in 2009.