Quote:
Originally Posted by chicubs111
Barnes & Noble site sells for $61 million, despite 368-unit apartment tower proposal getting shot down
"A developer whose plans to replace a Barnes & Noble bookstore with a 39-story apartment tower were rejected by a Chicago alderman bought the property anyway.
The $61 million deal could foreshadow more rounds of zoning negotiations for the space on the Near North Side, which now contains the bookstore and a Lou Malnati’s pizzeria."
I cant stand the anti height argument in this city...developer pays 61 million for prime site in Chicago and now has to deal with an alderman basically controlling his fate with the zoning change game.
https://www.chicagotribune.com/colum...oja-story.html
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I certainly agree with subsequent comments critical of aldermanic prerogative and am also critical of what is in my opinion massive underzoned swaths of the city as well as certain PD triggers that I think are too low.
That stated, Newcastle knows the situation here well. They are making this investment and have obviously evaluated the risks involved.
One must wonder if there has been a 'gentleman's agreement' here in terms of what they'll get entitled for.....or, perhaps in their view this is just a very prime site, and they've penciled-out that they are confident they'll get a satisfactory return under current zoning (which they could go in under - or, they could make a run at something larger and as-is would be their fallback).