City Seeks Redevelopment Proposals for State Street Property
Responses requested by June 30th
Mixed-use development proposals for 1.05 acres of primarily vacant, public land at 320 S. State St. are due June 30th, the Chicago Department of Planning and Development announced today.
Being solicited through an offering process managed by Jones Lang LaSalle, the site’s redevelopment is expected to include commercial, retail, and parking, along with other uses that may be proposed at the discretion of would-be developers, said Andrew J. Mooney, commissioner of the Department of Planning and Development.
“The purpose of the offering is to bring a high-quality commercial building to the site. We encourage developers to submit proposals that will complement the ongoing revitalization of the Loop,” Mooney said. “Residential, institutional, and other uses that take advantage of its proximity to public transit, local colleges, the Harold Washington Library, and other area amenities would also be considered.”
The 45,530-square-foot, L-shaped space includes 11 individual parcels along State, Van Buren Street, and Plymouth Court. Seven of the parcels are comprised of Pritzker Park, which was developed in 1992 as a temporary public plaza on land cleared for Harold Washington Library one block to the south. The remaining parcels include a City of Chicago parking structure as well as a public alley, both accessed off Plymouth.
All parcels are planned to be combined and sold by the City as one of the Loop’s premier development opportunities.
Respondents are being asked to accommodate a Park District requirement of approximately 65,000 square feet on two or more floors for future office use, as well as up to 80 parking spaces. Respondents are also being asked to plan for up to 12,000 square feet of multi-purpose recreational space that would be open to the public.
Recently appraised at $14 million, the site includes 280 feet of frontage along State and 210 feet along Van Buren. Current zoning is DX-16, which would allow more than 728,000 square feet to be developed, depending on specific uses.
At the conclusion of the offering period, qualified proposals will be short-listed by a selection committee and refined by the respondents. The winning bidder could be chosen this summer.
Developers interested in the property may contact Jones Lang LaSalle at 312-228-2009 or Megan.King@am.jll.com.
The offering is part of a citywide initiative to sell surplus and underutilized City-owned land for community improvement projects. The initiative includes the pending sale of a former Chicago Police Department parking lot at 1136 S. Wabash for $4.4 million, and the sale of several former police and fire stations for new residential, commercial and institutional uses.
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