Pension fund makes intriguing Loop dev play

State Teachers Retirement System of Ohio bought a 52K sf property next to its office tower at 77 W. Wacker

Chicago /
Nov.November 14, 2019 05:00 PM
 77 W. Wacker and 201 N. Clark in the Loop (Credit: Wikipedia, Google Maps)

77 W. Wacker and 201 N. Clark in the Loop (Credit: Wikipedia, Google Maps)

A low-slung Loop property that’s been at the center of a drawn-out bankruptcy saga could give way to a supertower.

The State Teachers Retirement System of Ohio, which owns 77 W. Wacker, just acquired a neighboring three-story, 52,000-square-foot property at 201 N. Clark St. for $13 million, according to Crain’s. The property, called Garvey Court, is just 20 percent occupied, and represents a prime opportunity to build a skyscraper just a block from the Chicago River.

Years earlier, developer Bighorn Capital had planned an 83-story hotel-and-apartment development on the site, but ended up losing the property in 2017 to a venture that included the Dream Hotels chain. The hotel developers also planned a tower on the site, but never were able to get plans off the ground and sold off the site to the pension fund for a $500,000 loss, per Crain’s.

It’s unclear what the teachers pension fund has planned for the site, but a CBRE marketing brochure suggested the existing building could be redeveloped to accommodate a fitness club or grocery store. To build a supertall, the pension fund would only need to convince a condo board at neighboring 200 N. Dearborn, according to Crain’s. [Crain’s] — James Kleimann

 

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