South Loop Gateway written by Staff on October 21, 2010

South Loop site up for sale could fetch $30 million

The developers of the proposed Gateway mixed-use project in the South Loop have decided to sell a two-acre parcel there that has preliminary approvals for a 70-story tower, newsletter Real Estate Alert reported Wednesday. The site, at South Michigan Avenue and East Roosevelt Road, is expected to fetch about $30 million, according to the report. A joint venture between Chicago-based Fogelson Properties Inc. and Cleveland-based Forest City Enterprises Inc. has hired Jones Lang LaSalle Inc. to seek buyers for the property, part of the Gateway site, a 23-acre tract south of Grant Park where the developers have proposed 4,000 residential units, 3,000 hotel rooms, more than 1.5 million square feet of office space and 300,000 square feet of retail space, the report says. A Fogelson executive was not available for comment. A developer could build 1,200 residential units, 1,500 hotel rooms or 325,000 square feet of office or retail space, or some combination, on the site being marketed, according to Real Estate Alert.