A somewhat mysterious advertisement in Real Estate Alert has stirred speculation that Chicago developer CA Ventures has significant plans for a vacant site at the northwest corner of Lake and Stetson streets.
The 40,600 sq. ft. lot had been the site for a proposed Mandarin Oriental hotel and condominiums that failed during the 2008 recession, Crain’s Chicago Business reports. The property is currently owned by iStar, a New York-based lender which seized the property through foreclosure in 2016 and reportedly put the site on the market then.
Crain’s reports that a CA Ventures unit focusing on rental properties has taken out advertisements in the real estate publication “prominently featuring a rendering of a tall tower” on the site.
However, the developer’s plans for the land parcel near Millenium Park remain a mysteries. The ads provide no project details, just its Chicago location. Crain’s reports that CA Ventures did not respond to calls or emails requesting comment.
CA currently oversees nearly $8 billion in assets, and has expanded into senior housing, office and industrial properties, as well as into Europe.
The developer’s Chicago projects include a new 320-unit South Loop apartment tower, along with a 429-unit apartment development on State Street in the Loop and a 20-story West Loop office tower.
The East Loop project could reach nearly 50 stories, with 900,000 sq. ft. of rental space, possibly including offices and a hotel. One site advantage is that it was zoned before the city tightened affordable housing regulations and would probably not need a zoning change to comply with the new rules.