Last year we alerted you to the fact that two hot pieces of land in the South Loop were up for sale, one of which was right on the Chicago River and this week news broke that one of those parcels of land, the riverfront one in fact, sold at auction to CMK Development for $7.75 million. The 1.8 acre lot at 800 South Wells is currently a surface parking lot and includes 158 feet of river frontage. With the Wells-Wentworth Connector project likely to bring lots of new traffic down South Wells, the piece of land is likely to transform from a forgotten parking lot off of a dead-end street to a premium piece of real estate on a new thoroughfare and one of the last opportunities to develop new river frontage in the downtown area.
UPDATE: Well, in a surprising turn of events, CMK has just purchased the lot next door to the one we reported on above. The $26M purchase of the 5.1 acres to the south of the 1.8 acre lot they'd previously bought at auction now gives them ownership of a continuous stretch of riverfront land along Wells Street from Roosevelt Road all the way to the River City condos.
This huge land grab puts CMK in a powerful position to build a sizeable development in a corner of the South Loop that, until recently, seemed completely abandoned. It's clear that the promise of the Wells-Wentworth Connector bringing new life into the area is attracting attention from developers. We can't wait to see what CMK has planned for this land.
· Residential developer pounces on big South Loop parcel [Crain's Chicago Business]
· Millenium Properties auctions off 1.8 acre riverfront development site in the South Loop for $7.75M [Real Estate News]
· Two Hot Pieces of Land Are Now For Sale in the South Loop [Curbed Chicago]