Air Rights Next to Trump Site on Auction Block

CHICAGO-A 14-story building could rise above the River Plaza parking garage at 405N. Wabash Ave., just north of the Sun-Times building that could become the site of the world’s tallest building, or at least a skyscraper. The air rights above the parking garage for the luxury multifamily building will be auctioned by Sheldon Good & Co. in late October.

Existing zoning allows for a 175,000-sf office, residential or retail building to rise from the 12,342-sf site, says Field Enterprises’ executive director Thomas M. Schroeder. The company, controlled by the Marshall Field family, is the former parent of the Chicago Sun-Times newspaper. “We felt an auction was the best way to sell this unique piece of real estate,” Schroeder says.

Sheldon Good & Co. will employ the sealed-bid auction technique to sell Field Enterprises’ sole remaining asset. The auction date will be announced later.

“The alternative development uses for this parcel should draw great interest, particularly since it is adjacent to the Chicago Sun-Times Building, which is slated for redevelopment by Donald Trump,” says Sheldon Good & Co. chairman and CEO Steven L. Good.

Besides Trump’s high-rise office and residential tower, John Buck Co. is planning a twin to its existing 30-story office tower about one block north at 505 N. State St. Meanwhile, the IBM building on the west side of Wabash Ave. also could be in play, as building owner Prime Group Realty Trust recently revealed its Downtown office building portfolio is drawing interest from buyers.