Monday, January 22, 2018

The Last Printer in Printer's Row is Moving!

Remember in October when we posted about the last printing house in Printer's Row?  At the time they relished their location and place in an industry that has since vacated the name it helped coined for the neighborhood.

Well...that's no longer the case - he gone!  (via Chicago Business):
The last printer on Printers Row is preparing to turn out the lights.

Palmer Printing is looking for a new home after selling its plant at 739 S. Clark St. to a developer. Palmer, founded in 1937, has endured over the decades as printing houses in the neighborhood have shut down or moved out and residential developers have moved in.

The sale marks the end of an era for the company and printing industry, which has had a presence in the South Loop since the 1880s.

So what happened?  A highly active real estate developer in the South Loop - CMK - aparently purchased the property for $14M.  So like many pretty much comes down to money:
The vibe in the South Loop has changed a lot over the decades as developers have moved in, converting old buildings into apartments or condominiums or putting up fancy new high-rises. CMK has been especially busy there in recent years, getting started in 2016 on Riverline, a 3,600-unit residential development on the east side of the Chicago River between Congress Parkway and Roosevelt Road. In late October, CMK acquired a 32,400-square-foot parcel at 1415 S. Wabash Ave.
It's unclear what the developer plans on the Palmer Printing site. CMK President Colin Kihnke did not respond to a call or email.

Likely a bittersweet moment for the owners, workers and sentimental types.  All that being said, not terribly surprising.

No comments: