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The company, together with Golub
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Fulton’s market progression of nearly 400 planned apartments sold for $10 million.
New York-based investor Azur Cos. last month bought the first of the original A New Dairy Co. facility. at 1234 West Randolph Street, according to Cook County public records.
Azur, with Golub
The Chicago Plan Commission approved the project, which will also feature 1,800 square feet of retail space, in March, according to a report. Solomon Cordwell Buenz is the architect.
The progression team had originally planned to build a hotel on the site, but shifted gears last year, joining the trend of developers looking to bring residential areas up to the city’s job submarket.
Dairy company New Dairy Co. placed the site on the market as a remodeling opportunity in 2016, according to previously published reports. With the real estate deal, the firm is now one of the oldest institutions with roots in the Fulton market that have benefited from the neighborhood’s transformation from a meat-packing hub and food source, as developers rushed to meet demand for space from large corporations like Google and McDonald’s.
While the Randolph Street allocation is progressing, other recent mass sales of Fulton Market have indicated that developers should entrust their plans to interested buyers.
Fulton Street Cos. a indexed 1201 West Fulton Street, where the company had planned a 433-unit rental tower, for sale in June, and Marc Realty indexed 311 North Sangamon Street, where the company obtained city approval to build a 296-unit tower. hotel. , for $9. 8 million in May.
And developer Mark Goodman hired CBRE to sell or locate an investor for its 503,000-square-foot long-term life sciences lab at 400 North Elizabeth Street in March, saying the 1. 5 acres are worth more than $30 million.