A vacant River North office building that once housed the American Library Association has quietly landed back on the market after a roughly $35 million redevelopment plan was shelved. The five-story property at 50 E. Huron is up for grabs again, giving buyers a compact, centrally located site that already has entitlements for either a creative-office refresh or a full-blown apartment conversion.
As reported by Crain's Chicago Business, the owner called off the approximately $35 million overhaul and has hired brokers to market the site. That decision leaves a fully permitted redevelopment sitting on the shelf, with no active construction in sight.
What’s For Sale
The existing building runs to roughly 40,000 square feet across five stories and was originally constructed as the American Library Association's national headquarters. The association moved out and sold its Huron Street buildings in 2019, according to American Libraries.
Marketing materials show the parcel itself at about 12,500 square feet. The offering is being pitched with an amended planned-development approval that would accommodate a larger scheme of roughly 72,500 square feet, giving a future buyer some built-in scale without starting from scratch at City Hall.
Why The Planned Redevelopment Fell Apart
Crain's Chicago Business reports that the approximately $35 million project was abandoned, and public filings do not tie the move to any single cause. With that plan off the table, the owner shifted to a sales push that leans heavily on the existing approvals and the site's conversion potential.
What Buyers Will See
The offering identifies Greenstone Partners as the exclusive investment adviser and plays up several levers for upside: ground-floor retail, an as-of-right enlargement option and on-site parking, all outlined in an online offering brochure. The listing packet also lays out broker contacts and a data room for prospective bidders, where floorplates, site plans and permit history are available to qualified parties.
Where This Fits In River North's Market
The timing tracks with a broader River North trend, as aging office buildings across downtown Chicago are being reexamined for apartment conversions or creative-office resets. Nearby efforts have already surfaced, including a plan to convert 50 E. Superior into 88 apartments, according to the Chicago Sun-Times.
Smaller parcels with as-of-right or already negotiated approvals remain especially attractive, since they can trim both time and soft costs in a choppy office market. Brokers are fielding inquiries now, although no asking price has been made public and, at the time of publication, no new building permit tied to a buyer had been filed. We will keep an eye on permit activity and broker updates as offers come in and a buyer, if any, steps forward.
