Twenty Lake lists Chicago Greyhound station for redevelopment
Two multifamily towers could be built on site
Twenty Lake Holdings wants to offload a Greyhound station in downtown Chicago that could be turned into a two-tower residential development.
The Connecticut-based firm has hired JLL brokers Tom Kirschbraun, Meredith O’Connor and Jack Hubbard to sell the 2-acre site at 608 West Harrison Street, playing it up as a redevelopment opportunity, CoStar reported.
Twenty Lake is expecting to fetch at least $30 million in a sale, with a multifamily developer most likely to acquire the site. If that happens, a developer could build a pair of high-rises, up to 450 feet tall, with up to 1,145 units, according to a preliminary massing study by Solomon Cordwell Buenz.
The property, previously listed for sale early last year with no luck, re-enters the market amid challenging economic conditions, such as high interest rates and tough lending standards.
Twenty Lake sees it as an opportunity to capitalize on Chicago’s burgeoning multifamily sector, fueled by rising rents and high demand.
“What used to be a forgotten corner suddenly has a lot of generators for multifamily,” Kirschbraun told the outlet. “It’s not a conventional location, but now there are clear reasons for it to be developed as multifamily.”
Recently completed nearby projects include the 52-story BMO Tower, which was developed by a venture of Riverside Investment & Development and Convexity Properties.
Meanwhile Riverside and Chicago-based Blue Star properties are developing 198 apartments at 566 West Van Buren Street, in the West Loop, just across the expressway from the Greyhound site.
Also nearby, Related Midwest is plotting a $7 billion megadevelopment along the Chicago River.
Twenty Lake acquired the Greyhound property for nearly $25 million in December 2022 as part of a broader $140 million purchase of Greyhound facilities. Greyhound’s Harrison Street lease runs through October, the outlet said.