Carbit Paint Company is looking to sell its 2-acre industrial property in the Clybourn Corridor, but redeveloping it would require a zoning change.
The manufacturer listed its former headquarters in the brick building at 1440 North Kingsbury Street, which features low-rise brick buildings and the company’s iconic water tower, CoStar reported. CBRE’s Marcello Campanini and Mitch Adams are marketing the property for a potential high-rise development with 400 residential units.
The area was historically in a planned manufacturing district meant to protect industrial businesses from residential encroachment. That designation was lifted in recent years, allowing projects like the 327-unit Foundry high-rise across the street. But the Carbit property is in a buffer zone that restricts residential use, because of its proximity to Goose Island, requiring city approval for a zoning adjustment.
Offers contingent on zoning changes will be considered, according to CBRE. Developers could explore demolishing all of the structures or incorporating some buildings into a mixed-use project.
“It’s very rare to have 2 acres of opportunity along the river in this part of the city,” Campanini said.
Carbit Paint is selling after 70 years of operation, having relocated to Melrose Park. The northern portion of the site is leased to tenants including Off Color Brewing’s Mousetrap taproom, allowing for potential phased redevelopment, allowing developers to build on the southern end while maintaining rental income from the northern portion.
Recent projects along North Kingsbury Street highlight the shift toward high-rise residential in the corridor.
Structured Development and ZSD are set to add a 272-unit apartment building just south of the 27-story Foundry apartments, which were developed by White Oak Realty Partners, Ponsky Capital Partners and Structured Development. Structured Development principal Mike Drew said the Carbit site has potential but likely would be difficult to rezone.
— Andrew Terrell
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