A month after acquiring more than a full block in Fulton Market, Domus Special Situations Group is now seeking city approval to redevelop the site into a mixed-use project featuring a six-story office building.
Private-equity firm Domus in early February spent $23.8 million buying three parcels on the western edge of Fulton Market: 1133 West Fulton Street, 1155 West Fulton Street and 213 North Racine Avenue. The Fulton Street properties house a conjoined commercial building, while the Racine property holds a three-story apartment building.
Domus financed the acquisitions with $14.3 million in acquisition loans from MB Financial and and a $4.1 million mortgage from Belmont Bank & Trust, Cook County property records show.
Now the Chicago-based firm is seeking the city’s approval to redevelop the lots into a mixed-use development.
Under plans submitted to City Council this week, Domus would demolish the Racine property to make way for a six-story office building. The first floor would house a lobby and a 31-car garage, with the upper floors containing office suites. A rooftop deck will also be constructed, plans show.
Domus intends to rehab the block-long commercial building. Plans call for the eastern portion of the building (1133 West Fulton Street) to be used as retail space, while the 1155 West Fulton address would be redeveloped into office suites. A fourth floor would be added to the building, and it would contain a single office suite and a private rooftop deck.
Domus principals Phillip and Steve Ciaccio did not respond to requests for comment.
If approved, the complex would add even more office space in an increasingly crowded Fulton Market.
Already a major player in the area, Sterling Bay just announced plans for two new office buildings in the neighborhood, including an 11-story complex at 345 North Morgan Street. That’s on top of its 19-floor office project at 333 North Green Street.
In January, Tishman Speyer announced it was teaming with local developer Mark Goodman on a $115 million office project at 310 North Sangamon Street.
A few blocks east of the Domus site, Thor Equities is planning an 18-story office and retail building. Next door to Domus’ project is the site of McCaffery Interests’ mixed-use project, which already signed a Pittsburgh food hall company to a 13,000 square-foot lease.