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Development Watch

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A vacant 146,000-square-foot South Loop office building, marketed as a "superb redevelopment" opportunity, has sold to Marc Realty Residential who likely eyes a future conversion to housing. A seven-story conversion could make a nice companion piece to JK Equities' loft apartment adaptation of the Vesta Accumulator Building, on track for late summer occupancy. Most literature on newly opened or under development South Loop/Motor Row residential projects we've encountered touts proximity to the forthcoming Cermak Green Line, even though that service won't arrive for more than a year and even though some buildings are quite a trek from it. This spot, in contrast, is just two blocks from the future station. [Crain's, photo: LoopNet]