January 23, 2008 – A few weeks ago we mentioned that Rokas International was facing difficulties with their Motor Row project. Now it seems that Franklin Point, a venture Rokas had initially partnered with Frankel & Giles to develop, isn’t going to materialize. A Crain’s article states that Rokas has failed to secure financing for the project and is unable to close on the land purchase. The project would have been a sprawling mixed-use development with as many as eight buildings and 3,000 units on the eight acre Franklin Point site. Besides the residential units, Rokas intended to build a marina, retail space and hotel.

Rokas had secured the contract rights to Giles’ portion of the land and had entered into an agreement with D2 Realty and CSX Corporation to buy the parcel for $55 million. Franklin Point has been vacant for over three decades. Grand Central Station last occupied the spot, and despite the prime location on the Chicago River and close to the Sears Tower, it has been difficult to develop. The Rokas plan totaled nearly 3.5 million square feet, which would have necessitated a zoning change because it exceeded current restrictions by a million square feet. Another highlight of the complex design, which was to be created by Adrian Smith & Gordon Gill Architecture, was a tower that would surpass eighty stories.

D2 Realty has put its portion of the property back on the market. There is no confirmation yet as to what CSX will do with their part. Even though the 3,000 residential units in Rokas’ now defunct Franklin Point project would have been developed in phases, that still would have been a large number of condos to add to the inventory of current Downtown Chicago Condos

[tags]Franklin Point, Chicago Condos, Chicago Real Estate[/tags]

This entry was posted on Wednesday, January 23rd, 2008 at 1:12 pm and is filed under Mortgage Information.