The property is being marketed by Newcastle Limited, which isusing a sealed-bid process to sell the 77-year-old facility forSouth Water Market Unit Sales, LLC. Although the property nowconsists of six warehouses totaling 1 million sf, Newcastle Limitedpresident Michael R. Haney points to demographic trends indicatingresidential redevelopment is the likely scenario.

South Water Market is just east of the $75-million UniversityVillage development, which is adding 930 units to the area nextyear. In addition, the property is near the city's medicaldistrict, where three hospitals are operating, as well asUniversity of Illinois-Chicago.

Haney's vision is likely to get official approval, as he isworking with the local alderman as well as city department ofplanning and development.

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