Sterling Bay is showing no signs of slowing its expansion in Fulton Market, snapping up another property in the neighborhood for almost $21 million.
The developer bought the property at 345 North Aberdeen Street earlier this week from poultry processor Cougle Commission. It’s not immediately clear what Sterling Bay plans to develop with the 20,000-square-foot building already onsite, according to Crain’s.
A change in Chicago city rules has allowed for the development of new residential projects in Fulton Market. Sterling Bay is among the developers already capitalizing on the change. The company has proposed a 320-unit apartment building on North Morgan Street and a 350-unit building on West Fulton Street.
Sterling Bay is also developing commercial property in Fulton Market. The company plans to build an 18-story office building across the street from its most recent purchase. That building was originally intended for Google, but has opened back up since the pandemic.
Meanwhile, Sterling Bay is looking to sell its property at 370 North Carpenter Street, which the company purchased for $4 million in 2013 and began leasing. Based on comps, the sale could reach more than $17 million.
Fulton Market is one of the hottest office real estate areas in the city. Kimberly-Clark, Tock, Calamos Investments and TikTok have all recently signed on to space in the neighborhood. McDonald’s and Mondelez International also have bases in the neighborhood.
The lifting of the ban on residential development in the neighborhood could lead to a revitalization of that sector as well. Jeff Shapack is planning a 316-unit tower in the district.
[Crain’s] — Holden Walter-Warner