When The Ruth Page Center for the Arts fell on hard times after the financial crisis, there was a possibility that the facility would have to close its doors. But with the development boom in full swing and land in Chicago’s Gold Coast hard to come by, they found an opportunity to save the center through the sale of its parking lot to developer and Taylor Johnson client Lexington Homes. As TJ client KIG, which brokered the sale, tells the Chicago Tribune, there has been relatively little condominium construction in the city since the housing crash, but developers are starting to show interest again, and the 32-space parking lot is one of the few locations available in the Gold Coast neighborhood.

KIG brokered the $16.6 million sale of vacant land site adjacent to The Ruth Page Center for the Arts in Chicago’s Gold Coast, where Lexington Homes plans to develop a 27-story luxury condo tower.