[BVictor1]

http://www.chicagobusiness.com/reale...-be-far-behind

August 26, 2015
After sale of site off Mag Mile, could high-rise proposal be far behind?
By Alby Gallun



A new developer is poised to take a swing at a high-rise project just off the Magnificent Mile after another one with a plan to build a 45-story hotel tower on the site struck out last year.

A venture including Chicago-based developer Golub paid $22 million last month for the property at 740 N. Rush St., currently home to a Giordano's pizza parlor, according to Cook County property records. Golub has owned and developed office and residential buildings in downtown Chicago, with one apartment tower under construction in Streeterville and another one under way in the South Loop.

It's unclear what Golub has in mind at 740 N. Rush—company executives didn't return calls—but don't expect it to look like a development plan for the property that Ald. Brendan Reilly (42nd) shot down last year. A joint venture between River North landlord Albert Friedman and Merrillville, Ind.-based White Lodging Services proposed a 620-room hotel development there that would have included two hotels, a Hyatt Place and a Hyatt House, but Reilly opposed the plan, saying it would have generated too much traffic in an already congested neighborhood.

Reilly did not return a call.