This week, a land acquisition deal was successfully closed for 170 N Green Street in West Loop’s Fulton Market District. The transaction was carried out between CRG, the development and real estate arm of Clayco; Shapack Partners, a Fulton Market-based real estate development company; and Bridgford Foods. Once occupied by the 156,000-square-foot Bridgford Foods processing facility, the 1.5-acre site will give way to a massive new mixed-use development co-planned by CRG and Shapack.
Similar in scope to JDL’s One Chicago complex in River North, the approved project will comprise of a five-story podium topped by two towers, one reaching 38 stories and the other 23 stories. The highly multi-faceted programming will accommodate 250 apartments, 350,000 square feet of Class A offices, a 150-key hotel, and 40,000 square feet of retail.
With a roof height of 465 feet, the design is by Lamar Johnson Collaborative, also a subsidiary of Clayco. The unique massing deviates from the rectangularity of the neighborhood with rounded corners and angled walls throughout. The facade is made up of bronze metal patterns and floor-to-ceiling windows.
The parcel is closely linked to several means of public transportation, including the CTA Pink and Green Lines less than a block west to Morgan station. Just to the east and south are bus stops for Routes 8 and 20, respectively. Those looking to bike or scooter will also find numerous Divvy stations scattered throughout the vicinity.
Both sides of the transaction expressed great excitement over the property’s changing of hands. “We are thrilled to have had the opportunity to complete this transaction with excellent Chicago-based real estate partners like CRG and Shapack Partners,” said Richard Bridgford, a member of the fourth generation of the Bridgford Foods Corporation team based in Chicago. “The transaction was an involved process – further elongated by the pandemic – but through great cooperation from the City of Chicago, our broker Keely Polczynski at CBRE, the legal team at DLA Piper, and the class-act buyers at CRG and Shapack, we completed the sale and can now focus on deploying the proceeds to support the tremendous growth of our business at our new state-of-the-art facility at 44th Street in Chicago.”
CRG’s president Shawn Clark expressed a similar level of enthusiasm. “We are happy to have successfully closed on one of the last large-scale and best located sites located in Fulton Market. This acquisition represents an important milestone for CRG and our investment in Chicago.”
The disposition team for Bridgford Foods Corporation was led by Keely Polczynski at CBRE who assisted throughout the transaction. Once construction begins, Clayco itself will serve as the general contractor. A groundbreaking date is expected for as early as this coming fall.