The Fulton Market development site of almost 400 planned apartments has sold for $10 million.
New York investor Azur Cos. bought the former A New Dairy Co. supply facility site at 1234 West Randolph Street last month, Cook County public records show.
Azur, along with Chicago’s Golub & Co., has proposed a 395-unit, 41-story metal and glass residential tower on the site. The firm did not immediately respond to a request for comment on the land purchase.
The Chicago Plan Commission approved the project, which will also include 1,800 square feet of retail space, in March, according to a report. Solomon Cordwell Buenz is the architect.
The development team initially planned to build a hotel on the site but shifted gears last year, joining the trend of builders looking to add residential space to the city’s hottest office submarket.
Dairy supply company New Dairy Co. put the site on the market as a redevelopment opportunity in 2016, according to previously published reports. With the real estate deal, the business is now one of a number of older establishments with roots in Fulton Market that cashed in on the neighborhood’s transformation from a meatpacking and food-supply hub as developers rushed in to satisfy demand for space from big corporations like Google and McDonald’s.
Though the Randolph Street project is progressing, other recent sales of Fulton Market lots have indicated that developers are looking to hand off their plans to interested buyers.
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Fulton Street Cos. listed 1201 West Fulton Street, where the firm had planned a 433-unit rental tower, for sale in June, and Marc Realty listed 311 North Sangamon Street, where the firm had received city approval to build a 296-key hotel, for $9.8 million in May.
And developer Mark Goodman hired CBRE to either sell the site or find an investor for his planned 503,000-square-foot life sciences lab building at 400 North Elizabeth Street in March, contending the 1.5-acre site is worth more than $30 million.