Sterling Bay Lists Another Chicago Development Site

Sterling Bay wants to sell another Fulton Market development site, where a 28-story apartment tower was once planned.

Andy Gloor’s firm has hired JLL broker Dan Reynolds to seek a buyer for the 33,700-square-foot parcel at 370 North Carpenter Street, CoStar reported. The property has been zoned for a 390-unit high-rise.

Sterling Bay expects to fetch at least $14 million, or $415 per square foot, Crain’s reported, citing a source familiar with the deal.

The listing comes several months after the developer put the Fulton Market development site at 345 North Aberdeen Street up for sale. There, Sterling Bay also had an apartment project in the works.

Sterling Bay’s efforts to sell the Fulton Market sites coincide with its pursuit of funding for the stalled $6 billion Lincoln Yards megadevelopment, north of Fulton Market between the Lincoln Park and Bucktown neighborhoods. In April, Sterling Bay listed three parcels just outside the 55-acre Lincoln Yards site.

The North Carpenter site represents an opportunity for buyers to capitalize on surging rental demand in Fulton Market, which has transformed from an old meatpacking district into a hotbed for high-rise development in recent years. Sterling Bay has played a key role in the area’s transformation, with multiple apartment projects and the development of Google’s Midwest headquarters.

“Our goal is always to put market forces to work for our investors, whether through land transactions or development,” a Sterling Bay spokesperson told the outlet.

The single-story building on the Carpenter Street site has been used by Sterling Bay for over a decade to house short-term office tenants and as a leasing center for nearby apartment projects. That building will be demolished to make way for the residential high-rise once the site is sold.

—Quinn Donoghue