(Above) A four-story house in River North that was once owned by iron and steel magnate Joseph T. Ryerson. (Click on image to view larger version.)

January 19, 2015 – The new owner of a historic property in River North apparently will have it demolished to make room for a restaurant or other retail business.

A demolition permit was issued on Friday for 615 North Wabash Avenue. The four-story house, used most recently as an office building, was built in 1874 and was once owned by Joseph T. Ryerson.

Ryerson started in 1842 with one store (above) along the Chicago River that sold boilers and other iron products. Over the next few decades, with his descendents at the helm, the company grew into one of nation’s leading processors and wholesalers of steel products. Inland Steel acquired it in 1935 and in the late 1990s Ryerson Inc. had annual sales of about $3 billion. It was an independent company for eleven years but in 2007 was acquired by Platinum Equity.

Newcastle Ltd., a Chicago-based real estate firm, bought the house and the 8,900 square foot lot last April for $5.2 million. They are looking for a restaurant or retail tenant for which to build a new structure.

The property is across Wabash Avenue from Bloomingdale’s Medina Home store and next door to Pizzeria Due.

Heneghan Wrecking Co., Inc., will handle the demolition.