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Please Build Here

An investment firm with no immediate development plans has purchased two prime surface lots in the South Loop from the YMCA, according to Crain's. An affiliate of JRG Capital Partners picked up 56,000 square feet of Red Line-proximate land at 609-673 S State Street. JRG's recent strategy has been to snatch up attractive plots that have an income generator such as parking. They'll bank them until the time is right to develop, or resell at a profit. JRG has a lengthy track record of urban infill residential development, and in this case, the lots are flanked by colleges in search of student housing. Another plausible option is plain old rental— Golub has a 396-unit tower in the works less than three blocks away. Is the market hot enough? We'll soon see. [Crain's]