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No Thanks, I Already Ate

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While there's been plenty of feasting afoot, no one's feasted on the 1.5 acre vacant parcel four blocks south of the Willis Tower, recently offered at sealed auction. Owner D2 Realty Services exercised its right to hang onto the property in the face of pathetically low bids. That was a negotiated term of the auction, conducted by Sheldon Good. No monetary figures were shared with Crain's, but current zoning allows for a 450,000 sf building, just 1/9 the area of the Willis Tower. Presumably, there would be some wiggle room in zoning appeals. In the meantime, a new owner could land bank the parcel. These prospects weren't enough to attract a reasonable bid, it seems, unless D2 is the one with unreasonable expectations. [Crain's]