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CHICAGO-MR Properties, LLC agreed to pay $4 million above the appraised value last month for a two-acre site along the Kennedy Expressway between Madison and Monroe streets. However, the price went up another $4 million last week, as the plan commission recommended a zoning change that would allow MR Properties, LLC to build a 1.5-million-sf office, hotel and retail development on the site.

That would bring the price of the city-owned parking lot up to $20 million, according to a deal approved by the community development commission last month. When MR Properties, LLC agreed to pay $16 million for the land once slated to be part of the Presidential Towers multifamily complex, zoning allowed for an 800,000-sf development.

Jones Lang LaSalle, which brokered the land sale for the city, has been hired by MR Properties to find potential office tenants. Meanwhile, MR Properties’ Phil Mappa said last month talks are underway with a hotel developer.

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