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CHICAGO-Brokers hired by Loyola University Chicago are taking bids for two buildings just off the Magnificent Mile on East Pearson Street. The four-story 36,000-sf Marquette Center and three-story 32,000-sf Siedenburg Hall would likely be razed to make way for new development.

Developers have until Oct. 11 to submit sealed bids for the 24,700-sf site between Rush Street and Wabash Avenue to Newcastle Advisors, LLC, which is handling the sale for Loyola. Current B7-6 zoning allows for up to 296,400 sf of high-rise multifamily residential, hotel, retail or office development. However, part of the deal will involve 40,000 sf set aside for use by the Roman Catholic university.

“This offering provides a rare and exceptional opportunity to develop a high-rise, mixed-use building in the heart of the Gold Coast/North Michigan Avenue neighborhood and the premiere Magnificent Mile shopping district,” says Newcastle Advisors president Michael R. Haney in a statement. “This offering provides the last opportunity to obtain unobstructed views of Lake Michigan by capitalizing on the open space above the historic Water Tower, Visitor Center, the Museum of Contemporary Art, Seneca Park and Lake Shore Park. This is the same view that the Park Hyatt Tower used successfully to achieve unprecedented condo sale prices.”

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