Pensacola Place Under Contract

Three weeks ago, we posted that Pensacola Place, the huge property on Montrose (between Broadway and Hazel) that includes Jewel-Osco, an 18-story residential high-rise and World Gym, was for sale for the first time. It's now under contract, according to the sales listing.

A reader in the know says, "Local firm Waterton Residential has the property under contract. They see a lot of potential in Uptown and believe now is the right time to buy in the neighborhood. They've done some nice work upgrading Presidential Towers, River North Park Apartments, One East Delaware, and The Seneca Hotel."

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The sales points included the fact that there was a lot of space on the property for further development, including pads for 50 townhomes that were planned but never built around the swimming pool/tennis court area.  You can see in the aerial view, via Google Earth, what that part of the property looks like today.

It should be interesting to watch what happens over the next couple years.