The former Bridgford Foods Corporation food processing factory in Chicago’s Fulton Market neighbourhood has been bought by a joint venture of CRG and Shapack Partners, with intentions to rebuild the site into a 750,000-square-foot mixed-use complex that will include 250 apartments, 350,000 square feet of Class A office space, 150 boutique hotel rooms, and 40,000 square feet of retail space.
The project site, located at 170 N. Green Street, spans nearly a full city block between the Chicago Transit Authority Pink Line and Green Line stations at Lake and Morgan Street. Clayco, CRG’s parent business, will be the general contractor, while Lamar Johnson Collaborative, a subsidiary of Clayco, will be the architect.
Paige O’Neil and Annie Kwasigroch of Shapack will oversee the lease-up of the office and retail space.
Development of Bridgford Foods Corporation Food Processing Factory in Chicago to boost office space market in the region
According to CBRE, 60 office contracts of more than 20,000 square feet have been inked by tenants migrating to the Chicago market during the first quarter of 2020. 79% of the leases were for enhanced space, while 85% were for structures that were either newly constructed or underwent extensive renovations. Bridgford outgrew its 156,000-square-foot business in Fulton Market and has subsequently relocated to a larger location on Chicago’s 44th Street.
“This location is a tailor-made chance to fulfil the city’s overwhelming tendency of flight to excellence. Employers are investing in updated spaces to increase employee engagement as well as recruit and retain talent,” says Keely Polczynski of CBRE, who represented Bridgford in the transaction.
CRG is a privately held national real estate development and investment corporation that has developed over 10,000 acres of land and produced over 210 million square feet of commercial, industrial, institutional, and multifamily buildings valued at more than $13 billion. Atlanta, Chicago, Seattle, Southern California, St. Louis, Philadelphia, and Phoenix are among the cities where the firm has offices.
