A local investor has agreed to pay $4.7 million for a riverside property near Lincoln Yards, but it’s still a mystery what he has planned for the site.
Glascott Realty is in contract to purchase the site at 2200 N. Ashland, which would clear the current ownership’s $3.5 million in liabilities, according to Crain’s. It did not disclose what it would do with the property.
The property was the site of a fatal shooting in 2015 and was hit with a foreclosure suit in 2018. But despite the troubling history, the 57,000-square-foot property that was once home to the Green Dolphin nightclub and Rio Chicago seems to be a hot commodity among developers, due to its close proximity to Sterling Bay’s megadevelopment at Lincoln Yards.
GW Properties was in negotiations to purchase the property earlier this year. However, Ald. Scott Waguespack (32nd) said he was against any residential development. That scared off GW, who planned a mixed-use project on the property, Mitch Goltz, principal of GW Properties told Crain’s.
The property was valued at $7.4 million by investor Courtney Rush when it filed for Chapter 11 protection in September – high above the $4.7 million Glascott is paying for the lot. Rush is listed as the current owner of the property.
Across the street, Belgravia Group’s is building a 366-unit apartment building known as Triangle Square.
Glascott, which owns Lincoln Park institution Glascott’s Saloon, has several options for what they could do with the property because of its prime location to new developments such as Triangle Square and Lincoln Yards.
“It I was in the bar and restaurant business, it would be a great site,” Goltz told Crain’s. [Crain’s] — Jacqueline Flynn