Vesta Lofts Owners Selling Parking Lot Air Rights
JK Equities is looking to add to its South Loop activity. The firm, which is developing 1000 South Michigan with Oak Capital and Time Equities, retained CBRE to entertain bids for the air rights to a parking lot it owns at 2100 South Indiana. The 19K SF lot is adjacent to JK Equities' Vesta Lofts, a 59-unit loft apartment complex, and is zoned to allow for construction of a building with a maximum height of 40 stories.
CBRE's marketing brochure highlights the site's location and the high-profile development activity surrounding it as selling points. The site is walking distance from Wintrust Arena, the Marriott Marquis hotel and the newly branded McCormick Square neighborhood. The site qualifies as a transit-oriented development because of its proximity to the McCormick Place Green Line 'L' station.
A buyer would need to apply for permission to up-zone the property to accommodate the added density required for a new building. JK Equities is also requiring an easement with any redevelopment of the lot for 35 parking spaces serving Vesta Lofts. The planned development process would allow for up to 395K SF of floor area ratio, enough for a maximum of 426 apartments. And 10% of any new units built would need to be set aside for affordable housing, under Chicago's Affordable Requirements Ordinance.
