New Condos at the Old Museum of Contemporary Art?

Once the stomping grounds for twentieth century artwork and Chicago's modern art enthusiasts, the former Museum of Contemporary Art is currently drumming up interest on the Windy City's real estate market. The 20,000-square-foot building, which was vacated by the Museum of Contemporary Art (MCA) in 1996, is up for sale and has already caught the eye of area condo and hotel developers.

The MCA was not always located in its current site at 220 East Chicago Avenue – it used to occupy a smaller building a few blocks south at 237 East Ontario. In 1996, the MCA moved out of the old location to a more contemporary home designed by Josef Paul Kleihues, a well-known architect out of Berlin. The original MCA building was taken over by a video production company that is now looking to sell its office.

Apparently, the building is a hot listing among the tourist and residential sectors because development firms from both industries have made advances on the lot. According to the owner, there has already been an offer of $13 million for the property, but no deals have been accepted as of yet. The building's prime Streeterville location puts it in good positioning to receive bids from a variety of investors, including the nearby Northwestern University facilities.