One of the most active home builders in Chicago has acquired a rare vacant stretch of Lake Shore Drive.

LR Development Co. has signed a contract for about two acres at 3000 N. Lake Shore. A source said the price was about $21 million.

While the price might seem to justify a high-rise, LR President Thomas Weeks said nothing of the sort is planned. He said he wants to build a complex of low-rise single-family homes and estimated the deal will close around Aug. 1.

The site mostly contains a landscaped park, but also has a house that Weeks said dates back more than 100 years. He said portions of the home will be restored.

"It's not zoned for a high-rise and we absolutely would not do that there,'' he said. Weeks declined to discuss financial terms.

The seller was the Society of the Helpers of the Holy Souls, part of Catholic Charities, said Millie Rosenbloom, president of the brokerage at Habitat. She represented the sellers in the transaction.

The property runs from Wellington to Barry, Rosenbloom said. Weeks said he hopes to meet with the local alderman, Tom Tunney (44th), to get his support.

LR's current projects include a new condominium high-rise at 340 E. Randolph and Roosevelt Square, a mixed-income replacement for Chicago Housing Authority ABLA homes, at Roosevelt and Racine.