Kinzie North Dirt Goes For Nearly $3M Per Acre

Meanwhile, a sale for a parcel that could hold a 250-unit multifamily building is dead, Heartland Partners says, but the company hopes to have a new contract by the end of the month with a closing before October.

In addition to the 3.37 acres in the 600 and 700 blocks of W. Kinzie, Fifield Cos. and MCZ/Jameson Development Group have a contract to buy another parcel. Combined with a sale of land for a grocery store, that should give Heartland Partners another $5.5 million to $6 million, says Heartland Partners CEO Lawrence S. Adelson.

"The sales will close when certain agreements with governmental agencies relating to the acquisition or use of rights of way and tax increment financing have been finalized, which we anticipate in the second half of the year," Adelson explains.