FULTON MARKET — A prominent West Loop developer is expanding its Fulton Market footprint by acquiring a former poultry processing facility.
Sterling Bay confirmed Wednesday it bought the former home of Cougle Commission Co. at 345 N. Aberdeen St.
“Fulton Market is consistently ranked as one of the most in-demand submarkets in the United States, and 345 N. Aberdeen offers a unique opportunity to build out a less dense yet very central site in the neighborhood,” the developers said in a statement.
Sterling Bay paid nearly $21 million for the property, according to Crain’s.
Over the past decade, the former meatpacking district has been transformed into a hub of office towers and restaurants. Sterling Bay was behind Google’s and McDonald’s headquarters.
Developers weren’t allowed to build residential projects until recently, when city officials lifted a moratorium on housing north of Lake Street in Fulton Market.
Sterling Bay did not disclose whether it plans an office building or mixed-use apartment or condo building at the site. But, the developer recently pitched neighbors on a 25-story apartment high-rise at 1245 W. Fulton Market St. and 33-story apartment tower at 160 N. Morgan Street.
Last year, the developer received approval for a 14-story office building at the corner of Racine and Carroll avenues.
The company is demolishing the former Archer Daniels Midland flour mill on Fulton Market’s western edge. Sterling Buy said it will disclose plans for the former Archer Daniels Midland flour mill at a later date.
Across from its latest purchase, Sterling Bay received approval for an 18-story office tower at 1000 W. Carroll Ave. and an 11-story building at 345 N. Morgan St.
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