The Archdiocese of Chicago has long maintained a list of properties it is trying to dispose of. For reasons financial, demographic and cultural it finds itself in possession of churches, schools and other buildings that are no longer needed. Over the last few years we’ve seen a number of small churches, Catholic and otherwise, turned into apartments and condos. Now at long last, one of the biggest prizes the Archdiocese owns is on the market.
Gold Coast Spy Maxwell tipped us off to an article in the Wall Street Journal about how the Archdiocese is trying to sell its long-coveted parking lot at the corner of State and Chicago. You can see the location marked with the red X we put over the photograph supplied by Joe Zekas of YoChicago! With an estimated selling price northward of $100 million, you can bet your rosary that the result is going to be a skyscraper. The Journal reports that Eastdil Secured is handling the sale.
This is the second Catholic church property in downtown Chicago that’s going to be the home to a new tower. The other is at 625 West Adams Street in the West Loop, where Old Saint Pat’s Church is working with White Oak Realty Partners and CA Ventures to turn a church parking lot into a 20-story office building that includes some church amenities.
Expect a lot larger building to end up at 1 West Chicago Avenue. The 90,000 square foot parking lot has both DX-12 and DX-7 zoning. But for whomever buys the property to make their money back, they’re going to have to go higher than that. Much higher. So look for a PD to be filed with the city once the new owner decides what to do with it.
Right now the safe money is on hotel and residential, since this is just a long shadow away from the Magnificent Mile, and on the edge of a bustling downtown residential area. Just across the street is One Superior Place, a 52-story Loewenberg+Associates residential block that went up in 2000. And across the street the other way is The Fordham at 25 East Superior Street, again a 52-story residential tower, this time by SCB.