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The Lincoln Yards land speculation has begun. The owners of Stanley's Produce, a market that has been in operation near the megadevelopment's southern edge at Elston and North avenues since 1967, is seeking a buyer for its 61K SF site, Crain's Chicago Business reports. The owners retained CBRE to market the property.
CBRE Senior Vice President Keely Polczynski told Crain's the speculation that transformed Fulton Market from a meatpacking district into Chicago's hottest real estate submarket has now reached the North Branch Industrial Corridor, and the owners want to test the market to see what it will bear.
And it could bear a lot, if previous sales are an indicator. All Masonry Construction sold its site at 1414 West Willow to Sterling Bay for $11.5M in February. Sipi Metals sold its site at 1720 North Elston to Sterling Bay, and General Iron, under pressure from residents and aldermen, put its site on the market earlier this month.
The Stanley's site includes 1.4 acres between the Kennedy expressway and the Chicago River, west of Elston and south of Stanley's parking lot, split into two parcels. The sites could be sold separately or as a single deal, and a buyer would have to rezone the property if it wants to capitalize on the Lincoln Yards momentum.
Sterling Bay officially announced its plans for Lincoln Yards last week, during a public meeting that was long on vision but lacking in details. Stanley's ownership has not said if it would relocate to another part of the city, or close up shop altogether.
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