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.
How about some real information? How big is the lot(s)? How much is $3.2m /sqft? How does that compare to other projects?
How about reading the post and following some links, Alan?
Square footage is in the very first sentence — if you want dimensions, you can click the link to the listing in the second paragraph.
Oh i cannot believe this project failed….I mean I can, but it was just the nicest piece of design. What a shame.
Joe, my mistake. I was rushing through during lunch…
Amending the PD and getting a zoning variance to build on this site is nearly impossible. Sometimes there’s a reason why good projects don’t happen – bad location. Anyone who thinks they can build something profitable on this site needs a reality check. (Or a lesson in reading the zoning code).
Daniel,
I can understand the zoning issues, but am puzzled by why you’re so negative on the location. What, in your take, makes it so bad?
The location is great but the zoning limitations make it a pretty useless piece of land. The PD allows a house of worship, it does not allow residential, commercial, industrial . . . so it would be tough to make money unless you’re just praying for it.
Seriously, can you put a value on real estate that cannot produce income without a zoning variance (which is never a sure thing)? If a buyer wants to build a mid-rise condo, but can’t change the zoning, they’re stuck.