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.