A development site in a busy pocket of the Gold Coast where plans for a residential high-rise fizzled out is on the market.
Calmwater Capital has hired Greenstone Partners to sell the 7,912-square-foot site at 12-16 W. Maple St., according to the Chicago-based brokerage firm. The offering comes almost five years after the California-based lender seized the property through a deed in lieu of foreclosure.
The site, next to Gold Coast mainstay Maple & Ash steakhouse, has been the subject of multiple development proposals over the last several years. Developers and Maple & Ash co-owners David Pisor and Jim Lasky bought the site, which holds a four-story retail building, for $13.1 million in 2017. They pitched an ultra-luxe 22-story condo development on the site that would total just 12 units. That project never came to fruition; neither did another developer’s 2022 proposal for a 34-story condo tower on the site.
Now, the listing offers potential buyers an opportunity to take another crack at developing a rare available site in the upscale retail district near Mariano Park long known as the Viagra Triangle, which is entering a new era as fresh restaurants and retailers come on the scene and area staples Carmine’s and Tavern on Rush open in revamped locations.
“There’s very limited sites like this available that come around. There’s only so many developable sites in this immediate area, and that’s probably the biggest selling point, outside of picking up off the momentum of all the active retailers and restaurants in that location,” Greenstone Partners CEO Danny Spitz said. “The location sells itself.”
Greenstone Partners brokers Danny Spitz and Malek Abdulsamad are marketing the property at 12-16 W. Maple St. for sale.