That vision for the property at the southwest corner of Fulton Street and Racine Avenue could be a key test for 27th Ward Ald. Walter Burnett’s new policy on residential development in Fulton Market north of Lake Street. Burnett has previously cited the pitfalls of future residents opposing new commercial development as a reason for blocking apartment buildings in that area. But in May he said he would lift his ban to try to stoke new investor interest in the neighborhood amid the COVID-19 crisis.
Given the density of office buildings in the area and companies including Google, McDonald’s and Mondelez International establishing it as a corporate destination, the buyers were willing to pay a big number for the chance to add apartments to the mix.
The sale price is roughly seven times the $2.7 million that the seller, Atlanta-based real estate firm Drapac Capital Partners, paid for the property