172 N. Ada Street
Residential Development | FULTON MARKET
NelsonHil was hired by TAKIS Royal Foods to consult them on the sale of their property and the move to a larger more efficient premises. With the surge of new development pushing west, following the announcement of the new Google HQ’s, Mark Nelson, SIOR and Michael Nelson, SIOR secured Sterling Bay as the buyer of the building site for future development.
Sterling Bay paid $3,800,000 for the 38,000 SF site and went on to acquire the neighboring property which was then re-positioned fora residential development and sold to Naperville, Illinois-based developer Marquette Companies. The new development will top-out at 13 stories and connect to an eight-story Ada Street mass clad in brick and Corten steel. The development’s ground level will include a residential lobby, a 2,500-square-foot retail or restaurant space fronting Lake Street, and 97 parking stalls. The garage would be topped by a second floor amenity level featuring a pool, fitness center, resident lounge, and outdoor grilling stations.
The upper floors of the development will contain a combined 264 rental units with at least ten percent offered at an affordable-rate. The preliminary mix calls for 42 junior one-bedroom or convertible units, 161 one-bedroom apartments, and 61 two-bedroom dwellings.
The NelsonHill team worked with TAKIS to help them identify a building that would meet all of their objectives. The timing of the sale and new acquisition were critical for a food service company and NelsonHill helped engineer terms to enable a smooth transition with no down time. TAKIS purchased a building in the Crawford Industrial Park, growing their operation from 13,000 SF to 45,000 SF.