If at first: Onni Group seals deal to buy Goose Island Greyhound property

Developer's previous attempt to acquire the land — and plan to build hundreds of residences — fell through over affordable housing requirements

Chicago /
Feb.February 01, 2019 04:30 PM

Onni Group President Rossano de Cotiis and Goose Island bus facility (Credit: Seth Anderson via Flickr)

Onni Group bought the site of a Greyhound bus maintenance building on Goose Island after a similar deal last year fell through, reportedly over the city’s affordable housing rules.

Onni paid $38 million for the eight-acre property, according to Crain’s. The Canadian developer originally had been looking to develop up to 1,000 residences on the site. A company executive declined to say what it plans to build there now, Crain’s reported.

The developer last year had a $50 million deal to buy the property on the 900 block of North Halsted Street, but it fell apart. The area is within a pilot zone where more affordable housing units are required of new developments.

The property is also across the river from where Tribune Media has city approval to build a 30-acre campus with up to 9 million square feet of homes, stores and offices on the site of its Freedom Center printing plant.

Greyhound in August inked a deal to buy property for a new bus maintenance facility in Canaryville, paying $5.3 million for vacant land at 3940 South Normal Avenue. [Crain’s]John O’Brien

 

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