X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.