River North infill site trades for $4M+
What happened
Concord Capital bought a long‑stalled 12,428‑sq‑ft River North development site for just over $4 million, closing a foreclosure chapter reported. The trade highlights ongoing appetite for core infill land despite project execution risk.
Why it matters
The parcel at 42–46 E. Superior St. contains landmarked Superior Street rowhouses dating to the 1870s preservationchicago.org. A 60‑story hotel/condo proposal from Symmetry Property Development was unveiled in 2017 and relied in part on roughly $50 million in EB‑5 investor funds tied to the project. therealdeal.com New York‑based Madison Realty Capital seized the site at a foreclosure auction in January 2024 and later engaged JLL to market the 12,428‑sq‑ft parcel for sale. chicagobusiness.com Concord Capital has been active in River North redevelopment plays, including a proposed conversion of 223 W. Erie into 66 apartments under an approximately $18.4 million plan that won Chicago City Council approval. propmodo.com The site’s saga prompted investor lawsuits and bankruptcy filings against the original developers, with litigation and refund claims from EB‑5 backers documented in court records and Chicago media coverage. chicagobusiness.com
Key numbers
- Concord Capital bought a long‑stalled 12,428‑sq‑ft River North development site for just over $4 million, closing a foreclosure chapter reported.
- contains landmarked Superior Street rowhouses dating to the 1870s preservationchicago.org.
- A 60‑story hotel/condo proposal from Symmetry Property Development was unveiled in 2017 and relied in part on roughly $50 million in EB‑5 investor funds tied to the project.
- therealdeal.com New York‑based Madison Realty Capital seized the site at a foreclosure auction in January 2024 and later engaged JLL to market the 12,428‑sq‑ft parcel for sale.
What happens next
- Erie into 66 apartments under an approximately $18.4 million plan that won Chicago City Council approval.
Quick answers
What happened in River North infill site trades for $4M+?
Concord Capital bought a long‑stalled 12,428‑sq‑ft River North development site for just over $4 million, closing a foreclosure chapter reported. The trade highlights ongoing appetite for core infill land despite project execution risk.
Why does River North infill site trades for $4M+ matter?
The parcel at 42–46 E. Superior St. contains landmarked Superior Street rowhouses dating to the 1870s preservationchicago.org. A 60‑story hotel/condo proposal from Symmetry Property Development was unveiled in 2017 and relied in part on roughly $50 million in EB‑5 investor funds tied to the project. therealdeal.com New York‑based Madison Realty Capital seized the site at a foreclosure auction in January 2024 and later engaged JLL to market the 12,428‑sq‑ft parcel for sale. chicagobusiness.com Concord Capital has been active in River North redevelopment plays, including a proposed conversion of 223 W. Erie into 66 apartments under an approximately $18.4 million plan that won Chicago City Council approval. propmodo.com The site’s saga prompted investor lawsuits and bankruptcy filings against the original developers, with litigation and refund claims from EB‑5 backers documented in court records and Chicago media coverage. chicagobusiness.com
