The city is selling a 2.4-acre parking lot that could become the latest development opportunity in the booming South Loop.
A number of bids have already come in for the property at 1701 S. Clark Street, now used as a parking lot for the Chicago Police Department’s Central District headquarters, according to Crain’s.
Dirk Riekse of Cushman & Wakefield, which is marketing the property, said the city will likely select a winning bidder next month. He declined to say how many bids have been submitted or the range of offers.
Riekse said the property is attractive because of its proximity to all the other development going on or planned in the neighborhood.
The lot is not far from where Related Midwest is planning the 78 mega development with as many as 10,000 new homes along the South Branch of the Chicago River.
And just north of Related’s project are Lendlease’s Southbank site and CMK Companies’ planned Riverline. CMK also has other projects in the South Loop, including two new apartment buildings planned near 14th and Wabash.
The planned overhaul of the riverside properties joins a surge in activity already underway in the neighborhood at the south end of Grant Park, including the 792-unit NEMA Chicago apartment tower, the 479-unit Essex on the Park apartment tower and the Homewood Hilton tower on 11th Street.
And just southeast of the police station is the ongoing redevelopment of the area around McCormick Place. [Crain’s] — John O’Brien