If you're a large industrial building in the West Loop, your days may be numbered. After an upswell of trendy new restaurants and Google planning to relocate to the area, ambitious residential and mixed-use projects have been popping up like mad in the West Loop over the last year replacing cold storage warehouses and obsolete television studios with modern office spaces and apartments. To add to the mix, local developer John Buck has recently unveiled plans to buy the current facility of bath and skincare product maker H2O Plus and replace it with a mixed-use office, retail, and a residential project that could add between 250 and 500 units to the booming neighborhood.
The facility sits at 845 West Madison, occupies an entire city block, and is directly adjacent to Mary Bartelme Park. After receiving many purchase offers, the owner of H2O Plus decided to sell the building and land to Buck for $20 million with an agreement that they'll have two years to find and relocate to a new space, meaning the Buck project wouldn't start at least until then.
H2O Plus has been in their current building since 1995, well before the West Loop became the real estate hotspot it's become lately. The company isn't exactly sure where they'll be relocating to, but the CEO told Crain's they intend to stay within city limits.
This post was authored by Curbed Chicago contributor Aaron Dunlap
· Buck preps residential makeover for H2O Plus building [Crain's]
· Previous West Loop coverage [Curbed Chicago]