A venture led by apartment developer Draper & Kramer has acquired a Lincoln Park property that housed the Royal George Theatre until the pandemic forced it to shutter.
The buyers paid $7.1 million for the site at 1633-1641 N. Halstead St., according to Crain’s. The deal for the 26,000-square-foot lot closed last month. The building had been the Royal George Theatre’s home since 1984, but the coronavirus ended its long run.
Plans are not known and a residential project would likely require a zoning change. But rental market activity and development is returning across the city.
In Lincoln Park, JDL Development received approval to build a 79-unit residence near the Royal George Theatre property and a 92-unit project has also been proposed around the corner.
And last month, DAC Developments and Melrose Ascension Capital proposed a 288-unit rental complex in the West Loop.
Led by Todd Bancroft, Draper & Kramer is also part of the development team that received city approval last week for the $3.8 billion redevelopment on the lakefront site of the former Michael Reese Hospital in Bronzeville.
[Crain’s] — Holden Walter-Warner
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