River West site next to Tribune Media megaproject hits the market
The Salvation Army is looking to sell its main downtown campus in the River West neighborhood, hoping to cash in on real estate investors’ appetite for land near the gentrifying North Branch of the Chicago River.
Paving the way for what could be a big redevelopment project in the city’s expanding central business district, the charity has hired brokerage SVN Chicago Commercial to market its longtime property along Grand Avenue between Desplaines Street and Union Avenue.
The 70,000-square-foot site, which the Salvation Army has owned since 1931 and today serves as its Chicago Adult Rehabilitation Center, does not have a specific asking price. But a source familiar with the offering estimated it could fetch between $30 million and $40 million based on the potential to develop almost 570,000 square feet on the property.