South Loop Condo Building Selling Parking Lot Air Rights For New Tower

If you’re a developer looking for a place to plonk down a 40-story apartment building in the South Loop, the people at Vesta Lofts are suddenly your best friends.

Completely fictional building illustrating the potential of the 2100 South Indiana location.

Completely fictional building illustrating the potential of the 2100 South Indiana location.

According to a sales brochure from CBRE, the Vestas have decided that they are OK with losing their views to the south in exchange for a metric assload of cash.  It was probably an easy decision since those views were obliterated by the 2010 erection of The Lex at 2138 South Indiana, a 35-story residential tower designed by VOA.  What’s between the two building is the Vesta’s surface parking lot.

According to the brochure, the Vesta Lofts would retain ownership of the land where the parking lot is right now, and sell the air rights to an interested developer.

Ownership has decided to sell parcel 2 of the site, totalling approximately 19,000 SF to a third-party for the development of a ~40-story tower

There is one catch, though — the new tower must reserve 35 parking spaces for the Vesta Condos.  They’re no dummies.  Especially since under recent zoning changes, its proximity to the new CTA Green Line Cermak station means no parking is required.

The brochure includes a rendering of a very fictional skyscraper to illustrate the maximum possible building potential of the site: 40 stories, 426 apartments, and a little under 395,000 square feet of space.  That is, assuming all of the potential F.A.R. bonuses are granted and the local aldercritter approves, and the neighbors don’t raise a fuss, and on, and on, and on.

Right now the property is being marketed as “2100 South Indiana,” which is the current address of the Vesta Lofts.  Legally, the parking lot on offer is  2116 South Indiana, but it would certainly be interesting to have a 40-story building with the address 2100½ South Indiana.  But that’ll never happen.

CBRE’s 2100 brochure is exceptionally informative, and a thorough read is almost a primer on how Chicago building development works.  Plus, it has many cool pictures.  If you’d like to read it yourself, you’ll find the PDF here.

Completely fictional building illustrating the potential of the 2100 South Indiana location.

Completely fictional building illustrating the potential of the 2100 South Indiana location.

from Chicago Architecture https://www.chicagoarchitecture.org/2018/03/12/south-loop-condo-building-selling-parking-lot-air-rights-for-new-tower/

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s