North Wells Capital LLC, the investment management affiliate of Chicago-based Urban Innovations, has acquired a surface parking lot located at 320 W. Huron Street, between Orleans and Franklin Streets in Chicago. The half-block site is one of the few remaining large land sites in the River North neighborhood.

The land site is approximately 32,500 square feet in size and is zoned DX-5, able to accommodate high-rise, mixed use buildings. Strategically located in close proximity to two other land sites and several loft office buildings also owned by North Wells affiliates, this site offers a unique ability for North Wells to continue driving sustainable growth in the burgeoning neighborhood.

“When we learned that the previously approved condominium development wasn’t moving forward, we felt like this site was so strategically important to our portfolio that we just had to take a run at it,” said North Wells Capital LLC’s CEO, Jim Fox. “In the coming months we’ll choose a specific vision for the site that promises to bring new energy to our already extensive presence in River North.”