It's been awhile since we've heard about the controversial X/O building that was supposed to be built on Prairie Avenue, but yesterday we read an article in Crains about new owners buying this land:
(Hat tip: Curbed Chicago!)
Nothing to get that excited about. From the sounds of it, this could be an investment for the future.A joint venture between Golub & Co. and Sandz Development Co. has taken over the site of a controversial South Loop condominium project that never got built, a property likely to sit fallow for a while longer as the developers figure out what to do with it.
The venture took title to the parcel at 1712 S. Prairie Ave. last week, more than two years after the condo project’s developers were hit with a $20.2-million foreclosure suit, county records show. The developers, Keith Giles and Jerry Karlik, relinquished the site through a so-called deed-in-lieu of foreclosure.
“Basically, it’s a long-term land play,” says Golub Executive Vice-president Lee Golub.
Condos are no longer an option amid an overbuilt South Loop market, but many downtown developers have turned to apartments amid rising apartment occupancies and rents. The venture could also just wait for South Loop land values to rise and then sell the parcel to a developer.
(Hat tip: Curbed Chicago!)