A group led by residential developer Colin Kihnke has agreed buy one of the largest development sites in downtown for about $26 million.
The parcel is located just north of Roosevelt Road on the east side of the Chicago River, reports Chicago Business.
The site in greater downtown is zoned for more than 1,000 homes.Kihnke also paid $7.8 million for a 1.8-acre lot immediately to the north.
It’s unclear what Kihnke, president of Chicago-based CMK Companies, plans to build on the two properties. Given their location and his skill set, condos or apartments are a good guess, according to the news report.