Loyola To Sell Land Rights

March 7, 2007

By Susan Diesenhouse
Inside Commercial Real Estate

Loyola University has hired Newcastle Ltd. to sell the development rights to about three acres near its North Side lakefront campus. The school hopes to extend a 75-year ground lease to a developer that will finance the project.

It is likely to be a mix of residential and retail, said Jen Clark, Loyola's community relations director. Bidding will close April 27.

Last year, McCaffrey Interests Inc. of Chicago agreed to build 152 apartments with parking on an adjacent 1.5-acre site, said Peter Totorello, a vice president at Newcastle.

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