Chicago’s Moody Bible Institute is looking cash-in on a 10-acre plot of land on downtown’s Near North Side—a move that would open a large swath of prime real estate to new development.
The educational institution hired brokerage firm HFF to sell the properties bordered by LaSalle Street, Oak Street, Chestnut Street, and Franklin Street, Crain’s first reported. According to the marketing flyer, the listing “offers an investor a rare opportunity to acquire one of the few remaining under-developed land parcels” in the area. The asking price was not disclosed.
Moody would still maintain ownership of its adjacent “core campus” but could transfer some of its zoning rights to the for-sale parcels. Combined with a zoning change from the city, the 10-acre site could support up to 5.3 million square feet of development, according to the flyer. The school is open to offers to buy all or a portion of the land.
Surrounded by high-rent neighborhoods such as River North, Old Town, and the Gold Coast, Chicago’s once-sleepy Near North Side welcomed a growing number of residential developments in recent years.
New projects include the Xavier, Next, Niche 905, Parkside of Old Town, and Old Town Park. Plans are also in the works to redevelop vacant Cabrini-Green land and construct a 297-unit micro rental building at Chicago and Wells.