Three and a half years ago a developer was planning a 28-story Hartshorne-Plunkard designed high-rise for the 15,295 square foot lot at 111 W Chestnut St in River North. Six months ago the property was on the market as a bank-approved short sale for $3,149,000.
Fast forward to today and Crain’s Chicago Real Estate Daily informs us that PrivateBank has taken possession of the property, the site of a bankrupt proposed synagogue, and has hired CB Richard Ellis to auction it.
The parcel is the size of 5 standard city lots, and would seem to merit a price tag at or above the $3.149M short sale price as a mansion site, assuming no costly environmental issues and a zoning change from the current Planned Development.
Anyone out there up for building a 20,000 square foot mansion with a great yard and a 5-car garage?