Does CA Ventures have plans for possible 900,000 sq. ft. East Loop tower?

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stetson state site
The development site at State and Stetson in the East Loop (Google maps)

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.

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Advertisements with rendering of a tower on the site in Real Estate Alert

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.

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