A row of buildings that have been in the hands of the federal government’s General Services Administration (GSA) are poised to transition into new apartment buildings. According to Crain’s Chicago Business, the local developer CA Ventures is in works to purchase four buildings, including the vintage high-rises located at 220 S. State Street and 202 S. State Street, from the GSA to transform them into rental towers with a combined 429 apartments.
The news comes just a year after Crain’s first reported that the federal government had planned to unload the cluster of buildings. In March, the City of Chicago issued a request for proposals (RFP) to assist the GSA in finding a capable buyer for the properties. The RFP included four adjacent properties, including 202 S. State, 212 S. State, 214 S. State, and 220 S. State. Developer CA Ventures’ deal includes all four buildings.
The latest news not only secures the immediate future for two historic office buildings, but it means that they’ll return to being contributing properties for the Loop. The structures has previously appeared on Preservation Chicago’s 2013 list of most endangered buildings. With 429 apartments planned for the buildings, the deal adds more fuel to the downtown apartment boom.