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Please Build Here

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Crain's brings word today that a stalled and foreclosed development at Roosevelt and Campbell, just west of the Illinois Medical District, is back on the market under bank ownership. 4.67 acres of undeveloped land—the barren remnants of Metro Place, developer Dan McLean's bid for a large townhome and condo complex—is being offered by Bank of America for $1.65M. What, on the cusp of Lawndale's industrial lands? Fortunately, eastward proximity to the medical district, Little Italy, and downtown may save this site's prospects. That, and the fact that it's already zoned for up to 127 residences (14 single-fam, 59 townhomes, and nine six-unit condo buildings). That breaks down to just $13K/unit. Seventeen completed townhomes were originally priced at around $600K and have all sold. That bodes well for whoever steps up to the plate next. [Crain's]