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Greystar buys site earmarked for 20-story West Loop tower
The firm paid $16.6 million for 166 North Aberdeen Street
Greystar bought the site of a former sausage factory in Chicago’s West Loop that was set to be developed into a 20-story mixed-use building with 236 apartments.
The firm paid $16.6 million for the vacant site at 166 North Aberdeen Street, property records show. A pair of low-rise masonry buildings that stood there were demolished earlier this year, according to a report in February by Chicago YIMBY.
The sellers were Sausage & WR Trader, LLC and MGK Aberdeen Oceanfront Trader, LLC, with @properties’ Thad Wong and Michael Golden as signatories, according to the records. Previous reports credited the site’s ownership to MCZ Development.
MCZ paid $6 million in 2016 for a 25,015-square-foot building, once a manufacturing plant for Fabbri Sausage, that stood on the site. Redevelopment plans have circulated since 2017.
The developer aimed to build a 241-foot property with offices and retail on the lower floors and apartments on the upper ones. It was meant to be part of a planned complex on Aberdeen Street. MCZ completed an 11-story, 75-unit apartment building at 171 North Aberdeen Street in 2018.
It isn’t clear whether Greystar will pursue the development plans. The firm, which says it manages $45.1 billion, has a modest portfolio in Chicago. Its main asset in the city is 1401 South State Street, a 278-unit apartment building in the South Loop, whichit bought for $92 million in 2016.
Greystar, based in Charleston, South Carolina, didn’t respond to a request for comment. It’s funding the acquisition with a $59.7 million loan from Associated Bank.