While that deal involved a parcel surrounded by new development,Hyman also is marketing a larger site at the corner of Madison andMorgan streets on the Near West Side, which has seen rapidredevelopment. That 20,000-sf site is being offered at $2.5 million-- $125 per sf.
Hyman cautions that in this market, the yardstick is not priceper sf, but rather price per unit – specifically the number ofmultifamily units a developer can build. In the city, that dependson the underlying zoning, which dictate floor area ratios thatdrive the amount of units that can be built. For example, the 1611S. Wabash Ave. site had a FAR of 5.0, meaning a 67,000-sf structurecould be built, or 67 1,000-sf units.
Land prices are down somewhat, Hyman says. "There's a lot ofproduct," he adds. "Some projects have been scuttled."
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