A new retail and residential development is headed to intersection of Chicago and LaSalle
A single-story River North currency exchange and parking lot at the southeast corner of Chicago Avenue and LaSalle Drive may not stick around for much longer after selling to a private developer for $4.2 million. The buyer, who remains unidentified at this time, plans a mixed-use project with retail space topped by residences, according to a release.
The roughly 6,200-square-foot property is an obvious candidate for redevelopment given its prime downtown location, dense zoning designation of DX-7, and eligibility for reduced parking under Chicago’s Transit-Oriented Development (TOD) ordinance.
“River North continues to be a hotbed of development activity, with new construction of all types surrounding this property,” said @properties broker Ian Feinerman who partnered with Michael Weber to represent the seller in the transaction.
The site is indeed steps from several recent rental developments including the 368-apartment Aurelian high-rise and the conversion of the historic Bush Temple into 101 residences. As for future projects in the immediate area, a glassy 15-story, 129-unit addition to Bush Temple is currently under construction at 810 N. Clark Street while a 17-story, 297-unit mixed-use development is proposed for 808 N. Wells Street.
Parking lots and single-story commercial buildings like the recently sold currency exchange at 777 N. LaSalle are relatively easy pickings for developers looking to capitalize on downtown Chicago’s unprecedented construction boom.
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