Newcastle buys Near North Side property despite failed resi tower plans

The developer wanted to build a 368-unit complex at the location, but withdraw those plans amid community opposition

Nov.November 27, 2019 04:00 PM
Barnes & Noble at 1124-1130 North State Street and Michael R. Haney, President & CEO of Newcastle Limited (Credit: Google Maps)

Barnes & Noble at 1124-1130 North State Street and Michael R. Haney, President & CEO of Newcastle Limited (Credit: Google Maps)

Newcastle Limited’s plans to build a 368-unit residential tower in the Near North Side fell apart in September, but that didn’t stop the developer from completing the deal for the property site.

Newcastle paid $61 million for the property at 1120-1130 North State Street. Records show the purchase closed at the end of October. Earlier this year, it proposed building a 39-tower that would include 158 parking spots and retail space.

It withdrew those plans after opposition from residents and from Alderman Brian Hopkins, who said the tower was too tall for the lot and for the neighborhood.

It is unclear what Newcastle’s plans are for the existing building, which has one of the last remaining Barnes & Noble stores.

Newcastle acquired the property from trusts owned by David Blum and his Wilmette-based firm, Lawrence Management Company. In March, Newcastle filed plans to demolish the building, but those plans were also canceled.

About a block away, Newcastle is planning an 11-story apartment complex with 95 units. It bought that property, at 1200 to 1206 North State Street, for $10 million in August 2018.

In February, it bought a 227-unit River West apartment complex for $85.5 million.

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