A local apartment developer has purchased a potential redevelopment site in Chicago’s Fulton Market District, buying the property at a discounted price.

A venture of Chicago-based Cedar Street paid $6.5 million last week for a pair of vacant connected buildings totaling nearly 36,000 square feet at 1332 and 1338 W. Lake St., reported Crain’s.

The developer bought the buildings from an entity led by veteran auctioneer Leslie Hindman, which previously used the property as her namesake firm’s headquarters and put it up for sale in mid-2020. The site at Lake and Ada sold for about $260 per square foot—well below its $11 million asking price from five years ago and pre-pandemic Fulton Market rates.

According to Crain’s, the firm plans to eventually redevelop the property, possibly into a multifamily project with upward of 300 units, though it has no specific plans yet. The deal follows ongoing activity in the bustling Fulton Market, including Greystone providing $120 million for the acquisition of a 375-unit multifamily high-rise last month.

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