CHICAGO—As reported in yesterday, 4K Diversey Partners, LLC just convinced the Chicago City Council to approve its plan to transform the old Marshall Field’s distribution facility at 4000 W. Diversey Ave. on the Northwest Side into a mixed-use development with offices, a grocery store and other retail. But Paul Fishbein of Merit Partners, LLC, one of the 4K team, tells that “the most important category going forward” is the 84 live/work units that will give the refurbished property a 24/7 vibe.

“Gens X and Y want to handle business and work much differently than they’ve been done in the past,” he says. The units will range from 850- to 3,000-square-feet and unlike ordinary residential leases, everyone occupying these spaces will also have the right to operate a business with several employees. “We’ve had huge interest,” Fishbein adds, from people such as artisans or small business owners. The group has, for example, spoken to the owner of a small marketing firm that wants to live in the building and have his three employees work there.

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