Real Estate in Chicago’s Meatpacking District Doubles in Value

TWL_2015_may_blog8When Drapac Group USA bought Fabbri’s Sausage plant last September for $3 million, they had every intention of holding on to the property for a while. But, when they recently received a $6 million offer for the property from Chicago-based residential builder MCZ Development, they could not pass it up. What’s so special about a sausage factory that it doubled in value in just eight months? It’s in Chicago’s meatpacking district, which is quickly becoming a hot spot for residential developers looking to add high-rise complexes to the area. According to Chicago Real Estate Daily, zoning for residential high-rises in the area has typically been a challenge, but with technology powerhouse Google moving to the area later this year things are changing. Developers like Madison Capital, MCZ Development, and Sterling Bay have converged on the area snapping up properties like Aspen Foods and others.

To learn more, read the entire article.

Image Source: Oriez