Condos a Possibility for Old MCA Building
A commercial property with significant historical value is up for sale in Chicago’s affluent Streeterville neighborhood. It is the former location of the Museum of Contemporary Art (MCA) and the attention garnered from residential and hotel developers has already proven this piece of real estate is a hot commodity.
The 20,000-square-foot building at 237 East Ontario Street is now owned by a video production business. The company took over the space in 1996 when the MCA relocated to its current site at 220 East Chicago Avenue (just three blocks north of its previous home). The property has drawn a number of potential investors who would like to turn the old structure into a condominium or hotel, according to the owner. And, although there is no word that any offer has been accepted, the owner revealed that a bid for $13 million was presented for the building.
Indeed the site is a prime spot for redevelopment as it is only a block and a half from the Magnificent Mile and three blocks from Navy Pier and other attractions. It is also next door to Northwestern University’s campus and associated hospital facilities which could end up being contenders for the property as well. In a neighborhood of skyscrapers, whoever does buy the lot will most likely knock down the existing edifice and construct a high-rise with over eight times the square footage – the size permitted by zoning laws for the area.
Is this modest building – once a hub for modern art and culture in Chicago – slated to be the next downtown condo tower? We’ll keep you posted!
Posted at 10:18AM Sep 11, 2008 by Spencer Mason in General Comments[1]
Posted by 68.20.11.8 on September 14, 2008 at 11:17 AM CDT #