March 31, 2008 - The empty parcel of real estate known as Franklin Point may finally get a new lease on life according to Crain’s. The Russland Capital Group has purchased the land from the CSX railroad corporation based in Florida for roughly $40 million. This particular tract of Chicago real estate is about 6.5 acres and sits in a coveted spot along the river, which makes it prime for development.

Right now the parcel, which runs from Polk Street to four blocks south of the Sears Tower, is basically empty and has been for nearly 37 years. In the past four years two other developers have made failed attempts to launch construction there. Last year Rokas International had planned to build a huge mixed-use development there that would have had 3,000 residential units plus a marina, but could never secure the funds.

Russland Capital has been developing smaller projects for about 20 years now, including a couple of more recent condominium towers along South Michigan Avenue. The group hasn’t made public any firm plans for the land as of yet, but the article stated that they will probably try to secure tax increment financing to help with initial improvements to the property, such as building a new sea wall. The area is zoned for around 2.5 million square feet of building space, but if the developer wants to increase that allowance it will have to be ran past the City Planning Commission and Alderman Robert Fioretti, who is best known for his stand against the height of X/O Condominiums.

It will be interesting if Russland decides to sit on the sidelines for a while with this property or go ahead with developing more Chicago Condos.

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This entry was posted on Monday, March 31st, 2008 at 10:12 pm and is filed under Luxury Condos(t) , News(t) . You can leave a response.