[ChiPlanner]

River West site next to Tribune Media megaproject hits the market

The Salvation Army is looking to sell its main downtown campus, setting up a potential big redevelopment.

The 74,000-square-foot site, which the Salvation Army has owned since 1931 and today serves as its Chicago Adult Rehabilitation Center, does not have a specific asking price. But a source familiar with the offering estimated it could fetch between $30 million and $40 million based on the potential to develop as much as 600,000 square feet on the property.

The Salvation Army site is within one of the new expansion areas, which means a buyer could purchase extra density through the city's Neighborhood Opportunity Bonus system allowing as much as 600,000 square feet of new development, according to SVN. Under that system, developer contributions go into the city's Neighborhood Opportunity Fund, which is used to dole out grants to businesses in neighborhoods on the South, Southwest and West sides that lack significant private investment.

The site also qualifies as a transit-oriented development property, according to the SVN flyer. That lowers the minimum number of parking spaces a new development would need to include.

https://www.chicagobusiness.com/comm...ct-hits-market