A new land sale has been announced for the property at 527 W Kinzie Street in the Fulton River District near The Loop. Located by the river and directly next to the upcoming Cassidy on Canal tower, the lot had originally been earmarked for a potential residential development. The sale is being executed by CBRE on behalf of the owner Vornado Realty Trust, who is based in New York and owns Merchandise Mart.
Site context of 527 W Kinzie Street via Google Maps
The site offers a unique mostly riverfront opportunity as it sits behind the famed River Cottage development by architect Harry Weese. However its southern edge is sliced by a curving railroad track leading to the permanently lifted Chicago & Northwestern Railway Bridge, while the western end abuts a set of raised Metra tracks. The 26,189 square-foot site has been owned by Vornado since 1998 as well.
527 W Kinzie Street (gold). Model by Jack Crawford / Rebar Radar
Previous plans for the site were originally announced in 2022, with a 29-story tower rising 290-feet tall. While the podium would have consumed the whole site with 81-vehicle parking spaces and capped by a large amenity deck with a pool. The structure above would have contained 288-residential units made up of studios, one-, two-, and three-bedroom layouts, of which 20-percent would have been affordable.
Rendering of northeast corner residential entrance by Pappageorge Haymes
However the Pappageorge Haymes Partners designed building did not utilize the full zoning height of the site, with a 2001 change allowing for a structure up to 340-feet tall. It is also worth noting that CBRE is also working on selling the parcel at 1201 S Michigan Avenue which would have held the second phase of NEMA. Currently a price has not been announced for the riverside property.
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