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Strategic South Loop parcel sold at auction
BY SANDRA GUY Business Reporter email@example.com June 24, 2011
Updated: June 28, 2011 10:31AM
A private capital fund has bought a strategically important five-acre South Loop parcel at auction from Jos. Cacciatore & Co. Real Estate for significantly more than the $8.4 million opening bid, the deal broker said Thursday.
The buyer of the 928 S. Wells site, who is not being identified, intends to quickly partner with a builder to develop the property, said Frank Diliberto, president of Diliberto Real Estate Services, which brokered the deal.
Diliberto said the site serves as a gateway for the city and potentially for a much-discussed possible casino site at the old Post Office at 433 W. Van Buren St.
“The buyer is talking to City Hall and Ald. Bob Fioretti about possible uses,” said Diliberto spokesman Phil Ranstrom. “There are a lot of possibilities on the table, especially with a casino site in play.”
The property, which features Chicago River frontage and includes a parking lot, sits north of Roosevelt Road between the river and the Kerasotes ICON Theatres. The theater complex is the only operating portion of an otherwise empty retail site called the Roosevelt Collection. A partnership including former NBA star Earvin “Magic” Johnson recently bought the Roosevelt Collection site.
A developer at the 928 S. Wells site has the ability to build out 250,000 square feet of commercial space and 1,000 more residential units.