Developer to offer office space in warehouse on Smallman Street near produce terminal
A Chicago developer has set its vision for a nearly vacant warehouse across Smallman Street from the Strip District’s produce terminal.
McCaffery Interests has started the marketing for up to 140,000 square feet of office space in what it has dubbed 1600 Smallman. The Jones Lang LaSalle real estate firm is marketing the building.
The developer has an option to purchase the four-story property, which is vacant except for a costume shop and a fitness facility.
McCaffery plans to revitalize the building in conjunction with its work on the produce terminal, a Strip landmark that the developer intends to redevelop under an agreement with the city.
Jason Stewart, the Jones Lang LaSalle executive vice president who is marketing the property, said McCaffery is considering expanding the 1600 Smallman building to provide more office space. About 125,000 square feet currently is available in the structure.
The move by McCaffery comes at a time the Strip has become one of the hottest office markets in the city.
“One thing about the Strip is
there’s very little available space,” Mr. Stewart said.
McCaffery also is considering retail opportunities on the ground floor.
At the terminal, a longtime hub for produce wholesalers, the developer plans to create a “food centric” public market along with offices, services like spas or fitness space, crafts and perhaps even music venues or nightclubs.
McCaffery has been pursuing the $62.6 million redevelopment for several years and signed a letter of intent with the city in March as part of an effort to get it moving.