Harper Court construction is a wrap but now that the University of Chicago has exercised its option to buy the whole shebang along with future residential development rights, things may get really interesting down at 53rd & Lake Park. Hyatt Place arose independently of the office and retail structures and so the long arm of U of C stops just short of the hotel. Of particular interest are future development rights for as many as 425 residential units, now wielded by an omnipotent entity. The plan, while not immediate, is for the school to sell off everything but those development rights. [Crain's, previously]
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