Chicago is set to announce a multi-million dollar sale of land to a developer who wants to build a luxury condominium tower on a hillside overlooking a lake.
The $100 million deal, announced Wednesday, will be one of the largest real estate deals ever in the city.
The sale will include the land on the corner of South LaSalle and Lincoln avenues and is expected to close by the end of the year, according to a release from the city and developer, Quicken Loans.
The property is owned by the U.S. Army Corps of Engineers, which plans to develop the property to house a military headquarters, residential housing, and office space.
It is expected the sale will bring in more than $250 million for the city of Chicago, according the release.
The city is in the process of completing a $500 million, five-year redevelopment plan for the site.
Quicken has been in talks with the Illinois Department of Water Management and other interested parties for the last five years, the release said.
The land was previously under development by developer Chris and Marissa Rennie, who purchased it from former Gov.
Pat Quinn for $15.7 million in 2013.
The Rennies have said the property was a great place to raise their children, and have plans to build several condominiums in the area.
The couple sold the property in 2015 for $30 million.
Quenchrags property appraisals specializes in property appraised by private developers.
They have previously appraised the property at $100,000, and the land is currently valued at $200,000.