UPDATED, 3:30 p.m., April 2: Canadian firm Onni Group is in advanced talks to purchase a former bus garage on Goose Island for a reported $50 million from Greyhound Bus Lines.
The 190,000-square-footsite, on the industrial island in the Chicago River, likely became far more valuable last year. That’s when the city removed a large area of the North Branch corridor from a planned manufacturing district as part of an effort to open up the riverfront corridor to mixed-use development.
With a zoning change, the site could accommodate up to 1.7 million square feet of new development.
If residential units are built there, as has been expected, it would be the first residential development on the island, which has long been dominated by industrial land use.
Greyhound retained JLL’s Tom Kirschbraun to market the site.
The property, at the southeastern tip of Goose Island, is directly across the Chicago River from a 37-acre development site owned by Tribune Media, with plans for up to 9 million square feet of office and residential development.
It was among the sites shown to Amazon executives on a visit to the city last week, and will be developed with or without the company choosing Chicago as its second headquarters.
Correction: An earlier version of this story stated that Onni Group had acquired the Goose Island property from Greyhound Bus Lines. The two parties are in advanced discussions for the sale.