McCaffery Interests nabbed a construction loan to redevelop and reposition a century-old former chicken processing plant in booming Fulton Market, about a block from Google’s Midwest headquarters, The Real Deal has learned.
The $14 million loan will be used to overhaul the 37,500-square-foot property at 1115 West Fulton Market, turning it into a mixed-use complex. The building was constructed in 1899. The new three-story space is scheduled to open in September.
Co-working provider the Vault has signed a lease 20,000-square-foot lease to occupy the upper floors.
McCaffery paid $10.5 million for the property in 2015 from Aspen Foods, and is also refurbishing the exterior as part of an agreement with the Commission on Chicago Landmarks.
The developer is also building a 135,000-square-foot Class A office building about a block and a half away, at 1201 West Lake Street.
Calls to McCaffery and WinTrust were not returned in time for publication.