Sterling Bay has a $25 million deal to buy an Archer Daniels Midland (ADM) wheat mill in the Fulton Market district in Chicago, IL, and hopes to replace it with a project that would include the neighborhood’s first Metra station, reports the Chicago Tribune.
The Chicago developer has a contract to buy the 2.2-acre property at 1300 W. Carroll Ave., pending due diligence, ADM spokeswoman Jackie Anderson said in an email. She did not confirm the sale price, which sources said is about $25 million.
ADM will continue to use the Carroll Street wheat mill until mid-2019 when the operation moves to a new, higher-capacity facility in Mendota, about 90 miles west of Chicago.
ADM has owned the Carroll Street property since 1990, when it paid $14 million, according to Cook County property records.
