Prominent Chicago-based developer, builder, investors, and innovator Sterling Bay, has reportedly inked a USD 25 million deal to acquire a wheat mill unit of Archer Daniels Midland in the Fulton Market district, Chicago. As per sources familiar with the matter, the Chicago-based agriculture giant is setting itself up to cash in on the neighborhood’s first Metra station.
Trusted reports reveal that Archer Daniels Midland has operated the mill in its 2.2-acre site at 1300 W. Carroll Ave., however recently in June, the company unveiled the plan to close the facility and transfer the production unit to a new wheat mill in Mendota, which is approx. 90 miles away to the west. It has been reported that ADM will be using its Carroll Street wheat mill facility until mid-2019.
The sale price was not confirmed by the official company spokesperson, but sources quoted it to be around USD 25 million.
Incidentally, ADM’s wheat mill facility is along the south edge of the Metra station tracks where four railway lines transport passengers from the suburbs and downtown in Chicago, reports the Chicago Tribune. A Metra spokesman further revealed that over 37,000 passengers ride these trains daily on the Milwaukee North, Milwaukee West, North Central Service and Union Pacific West lines.
Sterling Bay is expected to demolish the three to six storied tall brick structure on the site. The firm has declined to comment on its specific plans for the site or even on the deal with ADM.
Sources revealed that it has not yet been decided whether the Metra train station would be constructed into the base of a new structure as spotted in the downtown skyscrapers, or if it would be built as a standalone platform. The overall estimated cost of the project is yet not disclosed either.