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is selling the site, which includes a 75,000-square-foot loft office building. An entire Fulton Market block is for sale Developers scouting Fulton Market for a place to build their next big project have a new option: a full block on the north end of the neighborhood that just went on the market for $17.5 million. The owner of the property at 400 N. May St. has hired brokerage SVN Chicago Commercial to sell the site, which currently includes a 75,000-square-foot loft office building. Though an investor could buy the property and just collect rent, SVN is marketing it to developers that want to get in on the Fulton Mark real estate boom. “It’s a great stabilized operating asset that eventually would have some redevelopment potential,” said SVN Vice President Stephen Cusano. “We think obviously the highest and best use would be to get a little more density on the site than what’s there.” Many longtime Fulton Market property owners have made the same calculation, betting they can cash out for a big price as developers continue to flock to the neighborhood. With companies like Google and McDonald’s moving there and new hotels and residential buildings in the works, the development boom that began several years Toronto ago is gaining momentum and expanding outward from its epicenter near Lake and Morgan streets. The May Street property is still on the fringe, sitting on the northern boundary of the Fulton Market Innovation District, a planning district established by the city in 2014 to encourage development while preserving the neighborhood’s industrial roots. The site also sits in a planned manufacturing district, which restricts property uses and is explicitly off-limits to residential development.
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