GW Properties plans 3-building retail center in South Loop

GW Properties plans to build a three-building retail center in the South Loop, after having just bought a property with zoning approval for more than 200,000 square feet of development.

The Chicago-based real estate development and investment firm paid $10.4 million for the property, which is now a 77,000-square-foot lot at 1113 South Jefferson Street, according to Crain’s. A Marathon gas station occupies the space.

The existing zoning would allow GW principal Mitch Goltz’s company to build up to 230,000 square feet of retail space at the site.

GW acquired the lot from JRG Capital Partners, which paid $7.5 million for the site in 2013. Mark Kishtow and Mark Jones of Jameson Commercial brokered the recent deal.

The property is one block west of The Maxwell, a 216,000 square-foot retail mall that opened in 2014. Another few hundred feet east is the Roosevelt Collection, a 1.3 million square-foot mixed-use complex with 342 apartments and more than 20 shops.

GW Properties’ new buildings would rise a few blocks from the planned site of The 78, Related Midwest’s ambitious plan to transform 62 barren acres into an entire new neighborhood with 13 million square feet of total indoor space. [Crain’s] — Alex Nitkin