Target buys West Loop parcel
07/29/2010 4:40 PM
Target Corporation has purchased the old Fannie May candy site in the
West Loop, in a sale recorded on July 1. The price: $9.3 million.
The seller was Metro 290 LLC. IBT Group had previously planned to develop the property with condominiums and retail.
The sale price was less than half of what the previous owners paid for the land, property records show. In June 2007, Vanburen Aberdeen LLC (which is listed as the manager of Metro 290 LLC) paid $20 million for the land.
Crain's first reported on the sale.
West Loop residents debated the merits of a Target in their neighborhood in late June and more recently in pro- and anti-Target letters to the editor published in Chicago Journal.