Sterling Bay looks to sell property at 345 N. Aberdeen

Local developer Sterling Bay is looking to sell a large parcel in Fulton Market at 345 N. Aberdeen. Located at the northeast corner of N. Aberdeen St and W. Carroll Ave, the site is situated near Google’s headquarters and just south of their newest proposal at 370 N. Carpenter.

With JLL leading the sale, the 48,000-square-foot site is currently home to a 17,500 square foot industrial building and is zoned M2-3. According to marketing materials, Sterling Bay is pursuing a rezoning of the site to DX-7 with a 4.5 FAR bonus to allow for a mixed-use development with approximately 559 residential units. 

At the time of writing, an official zoning application has yet to be filed and no public announcements have been made regarding the proposed zoning entitlements. The brochure says that the rezoning is expected to be secured on or before the closing date of the land sale.

Sterling Bay bought the former Cougle Commission poultry processing facility less than three years ago for just over $20 million, with their reason for the sale unclear. With plans to rezone for a high-density development, the one-story industrial building will likely be demolished by the new owner.