Texas developer eyes River North lot
Considering apartments near Merchandise Mart
January 26, 2007
BY DAVID ROEDER AND FRAN SPIELMAN Staff Reporters
A San Antonio company has proposed building an apartment tower immediately east of the Merchandise Mart.
Lynd Co. has filed a zoning request with the city for property at 161 W. Kinzie. The site is at the southeast corner of Kinzie and Wells, and has a surface parking lot.
A Lynd affiliate has proposed a 32-story building containing about 250 homes plus 25,000 square feet of commercial space. The company owns or manages 36,000 apartments that are mostly in the southern United States.
This would be its first investment in Chicago, said Lynd's vice president for development, Jason Tompkins. He cautioned that the deal is not a sure thing, and that several design issues must be negotiated with the city.
Lynd has a contract to purchase the property, said Andy Gloor, principal of Sterling Bay Cos., the current owner. Gloor said he hopes the deal can close in 30 days.
Sterling Bay has considered several options for the lot since it acquired it in 2004 as part of its purchase of the former Helene Curtis building at 325 N. Wells.
The Helene Curtis property became office condominiums and Sterling Bay considered that use for the empty lot. But Gloor said his company and Lynd connected through a mutual acquaintance and that the prospective buyers were eager to expand to the Chicago market.
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http://www.suntimes.com/business/230647,CST-FIN-kinzie26.article