Greenstone Partners is pleased to announce the sale of 12-16 W Maple Street, a prime development site located in the heart of Chicago’s Gold Coast, which traded for $6,500,000. Greenstone Partners’ CEO Danny Spitz and Director Malek Abdulsamad represented the seller in the transaction.
The ±7,912 square foot site is currently occupied by a four-story, ±20,572 square foot mixed-use building and an adjacent parcel with a total of 75 feet of frontage along Maple Street.
The site is zoned DX-7, Downtown Mixed-Use District, one of the most advantageous zoning designations in Chicago allowing for a wide variety of as-of-right uses including retail, residential, hospitality, and more.
The property is located in the heart of the Gold Coast neighborhood, a historic neighborhood known as one of the best in Chicago and is home to the city’s highest concentration of luxury retailers and highest grossing restaurants. The Property benefits from Gold Coast’s diversified and dense demographics and is steps from the vibrant Mariano Park, known as the “Triangle” and home to some of the city’s best restaurants and shopping, including Maple & Ash, Prada, Vuori, Hermès, On Shoes, Urban Outfitters, Gibsons, The Bellevue, and many others.
The asset was marketed through an accelerated process, generating significant buyer interest and six competitive bids from well-vetted purchasers. The property was placed under contract within 60 days and subsequently closed on a non-contingent basis 60 days later.