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Un-Arrested Development

102611-prairie.pdfA Golub & Co venture has snatched up the development plot at 1712 S Prairie, site of the collapsed X/O condo plan. The negotiated sale circumvented a foreclosure auction. Crain's posits that the site is likely to sit fallow while Golub waits for the over-saturated South Loop condo market to regain its steam, or flirts with the apartment option in our current high-demand, high-rent climate. "Basically, it's a long-term land play," states Lee Golub to Crain's. He declined to discuss the purchase price, saying only that it was "a lot less than face". The old X/O plan called for 479 units between two towers, but was fiercely opposed for its insensitive scaling. [Crain's]