The property, which includes 2.8 acres at 1020 W. Adams St. and 115-39 S. Aberdeen St. as well as the 386,500-sf building, is being sold by Charles Strobeck of Chicago to MCZ/Centrum Adams LLC. While the plan commission endorsed the project Feb. 19, Madison-Racine LLC's plan for a high-rise building was deferred at least one month to allow the city's department of transportation time to complete a report.

The West Loop has the largest share of the new construction condominium inventory in the Downtown market, according to Appraisal Research Counselor's most recent market overview, at 34%. However, the market may be less daunting for developers of smaller units, according to the multifamily experts. "One- and one-bedroom-plus-den units continue to sell out prior to the larger inventory in buildings," according to Appraisal Research Counselor's "Downtown Chicago Residential Benchmark Report."

Tim Gloor of the Department of Planning and Development says his department's landmarks division supports the conversion of the six-story warehouse to loft condominiums. The city council also will be asked to change zoning of the property from manufacturing to residential. However, the site is surrounded by commercial buildings as well as a new eight-story multifamily building to the east, according to the Department of Planning and Development.