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Plan to Convert 100-Year-Old Industrial Building into New Office Space Revealed

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Fulton Market developer Shapack Partners eyes the "Cortland Corridor" for growth

While the future of the North Branch Industrial Corridor will be guided by an upcoming master land use plan by Chicago’s Department of Planning and Development, plenty of ad hoc commercial projects catering to tech-oriented tenants are already in the works in places such as Goose Island and the Clybourn Corridor. One such project slated for an old four-story industrial building located at 2071 N. Southport was recently revealed by Chicago-based developer Shapack Partners. Responsible for numerous Fulton Market projects including Soho House, Shapack acquired the 100-year-old building in November for $10.6 million and will adapt its 90,000 square feet into new loft-style office space designed by GREC Architects.

Fitting within the zoning framework already established by sub-area ‘B’ of Planned Manufacturing District (PMD) No. 1, the repurposing of the vintage structure into offices and a rooftop amenity deck simply requires building permits to move forward. It, coupled with the Sterling Bay’s redevelopment of the old Gutmann tannery site and whatever is ultimately proposed for the adjacent 28-acre former Finkl Steel campus, could even see the emergence of a new "Cortland Corridor" commercial submarket branch off the greater Clybourn PMD.

Nestled between Lincoln Park and Bucktown, the area bears strong similarity to the West Loop’s hot Fulton Market District. Both markets are experiencing an commercial renaissance of sorts, drawing tenants seeking alternatives to the Loop proper in Chicago’s highly-competitive office segment. Supported by existing mass transit connectivity and a thriving retail scene, it’s hard to bet against this area despite whatever uncertainty faces the guidelines governing the future direction of the greater North Branch Industrial Corridor.