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.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.