Chicago Real Estate Developer Scraps Plan for Franklin Point

Chicago real estate developer D2 Realty Services, Inc., has decided to terminate a contract to purchase an 8-acre parcel at Franklin Point, just south of the Loop. The Chicago real estate development was envisioned as a $500 million complex, with retail space as well as some 1500 residences. This is the most recent incidence of a developer backing out of plans to develop the site, which has gone empty now for 15 years.

Crain's Chicago Business reported that the firm will opt for a safer Chicago real estate investment, building a single condo tower on a smaller, 2-acre parcel at the same site. The block of Chicago condos will be designed by famed architect Helmut Jahn.