Residential Developer Snatches Up 330 S. Wells For $10.1 Million; Apartments On The Way?
Posted by Leo Clark. on Sunday, August 28th, 2016 at 12:40pm.
Recent news reported by Crain’s continues to confirm The Loop’s on-going transformation into a red hot location for anybody looking for a downtown apartment—and this time, it’s looking like a vintage Loop commercial building could be slated for a residential conversion sooner rather than later.
According to the report, an affiliate of Chicago-based Marc Realty Capital purchased 330 S. Wells Street for $10.1 million earlier this month, although specific plans as to what the developer plans to do with the property have not yet been revealed.
Even still, the firm that acquired the property specifically specializes in developing apartments, and given demand for rentals in The Loop right now, speculation for a possible residential conversion continues.
To convert the offices into apartments, the building would have to undergo a zoning change, so it is entirely possible it could remain commercial. Only time will tell what becomes of 330 S. Wells, but with so much activity going on around The Loop specifically right now, options are plentiful for the 118,000 square foot building located in the heart of Chicago’s business and financial district.