Sales of Four City Parking Lots Approved for More than $12 Million
Four City-owned River North parking facilities will be sold for more than $12 million, or 60 percent more than their appraised value, under a plan approved today by City Council.
“These sales are part of a strategic effort by the City to maximize our real estate assets on behalf of taxpayers, as well as accommodate ongoing demand for new development on the Near North Side,” Mayor Emanuel said.
Acquired by the City between 1997 and 2005 and totaling approximately 27,000 square feet, the parcels are currently managed by the Department of Fleet and Facility Management and used as employee parking for the Central Administrative Hearings facility at 400 W. Superior St.
The parcels’ appraised value is $7,480,000. Their proposed sale prices, totaling $12,399,000, were negotiated through a public, two-phase bidding process this summer.
The proposed sales include:
| Location | Size (Sq. Ft.) | Buyer | Appraised Value | Sale Price |
| 366 W. Superior St. | 7,735 | 360-366 Superior LLC* | $2,120,000 | $3,775,000 |
| 365 W. Huron St. | 8,350 | Morningside Huron LLC | $2,340,000 | $3,739,000 |
| 356 W. Erie St. | 5,000 | 356-366 Erie LLC* | $1,350,000 | $2,230,594 |
| 366 W. Erie St. | 5,950 | 356-366 Erie LLC* | $1,670,000 | $2,654,406 |
*Belgravia Group
The sales are being brokered by CBRE, which has marketed the properties on behalf of the Department of Planning and Development since spring 2015. CBRE will receive a 3.75 percent commission.
The Inspector General’s office advised the City last year that at least one of the parcels may be better suited for new uses.
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