Greenstone Partners Closes Off-Market West Loop Land Sale

Greenstone Partners completed the $4.35 million sale of 1276 W Washington Boulevard, a development site in Chicago’s West Loop neighborhood.

Danny Spitz and Malek Abdulsamad of Greenstone Partners represented the seller and buyer in the transaction. The property was a 14,850-square-foot parcel of land owned by a longtime Greenstone client. Greenstone evaluated several development scenarios before identifying boutique condominium development as the strongest use for the property, ultimately securing a buyer who plans to develop the site as a condominium project. 

“There are a limited amount of land sales in the current market, particularly for larger-scale development,” said Danny Spitz, Managing Partner at Greenstone Partners. “In today’s financing environment, smaller, as-of-right projects are more attainable, making opportunities like this especially attractive to developers.” The site’s as-of-right zoning was a key component of the transaction, allowing the buyer to pursue development without the lengthy and discretionary zoning process.

Where the apartment industry connects. Meet the owners, investors, developers, lenders, brokers, and service providers driving today’s multifamily market at Connect Apartments. Build relationships, uncover opportunities, and stay ahead of what’s next.