The subject property benefits from its location in the thriving West Loop neighborhood and visibility on Randolph Street, adjacent to City Winery Chicago. This neighborhood has seen a dramatic shift in the past five (5) years from food production warehouses to creative loft office, retail and high-end restaurant conversions. Redevelopment is the highest-and-best use for many properties in this submarket.
Furthermore, the City of Chicago recently released a proposal promoting higher density redevelopment in this neighborhood. In addition to the number of new developments in the neighborhood including 1K Fulton, Morgan MFG, Fulton West, and various boutique hotels like SoHo House, Nobu and Hoxton Hotels, high density redevelopment is being considered by new development currently in planning such as the McDonald’s Corporate Office development on the former Harpo Studios site.