$65M... That's How Much It Costs To Buy An Entire Block In Hot Fulton Market
By Rachel Cromidas in Arts & Entertainment on Feb 24, 2017 6:32PM
Fulton Market—the Chicago food distribution district turned hot tech company hub—has yet more redevelopment plans on the horizon.
A group of property owners in the 1200 block of West Fulton Market is selling their entire block to developers for upwards of $65 million, Crain's is reporting. A Chicago-based developer is working on a deal to buy the 3.3 acres, which currently holds a mixture of lots and low-rise warehouses.
The developer, IBT Group, is looking for permission from the city to knock those buildings down and create a new retail, office and residential property, according to Crain's. With Google's recent relocation of its Chicago headquarters to 1000 West Fulton St., and a nearby McDonald's headquarters and pedestrian-friendly "vendor village" under construction nearby, the property would likely be the latest in a string of corporate campus redevelopments, or an attempt to meet the growing need for residential properties and retail amenities for office workers who may want to live and work in the area.
Here's what the block looks like, via Google Street View: