Fulton Market isn’t full yet: Developer plans new office building

Shorewood Development Group wants to transform one of the neighborhood’s last remaining industrial sites, formerly owned by wholesaler Nealey Foods

Jan.January 03, 2020 01:00 PM
900 West Fulton Market (Credit: Google Maps, iStock)

Existing property at West Fulton Market and North Peoria Street (Credit: Google Maps, iStock)

A suburban developer is the latest to want in on Fulton Market’s success, with plans for a new office building in the booming West Loop district.

Buffalo Grove-based Shorewood Development Group wants to construct a nine-story building at 900 West Fulton Market, according to a zoning application. The 11,000-square-foot lot, at the corner of North Peoria Street, is one of the last remaining industrial properties in the vastly changed area.

The proposed development would be around 60,ooo square feet, according to Shorewood CEO Louis Schriber. It would include ground-floor retail, and the company is in talks with prospective tenants, he said.

Block Club Chicago first reported on the plan.

Shorewood is under contract to purchase the three-building site from wholesaler Nealey Foods, which moved to a new location on the Southwest Side. Schriber declined to disclose the price.

Two of the three buildings are considered “contributing” to the Fulton-Randolph Market landmark district, so Shorewood cannot demolish them or drastically alter their exteriors. The firm plans to work with the city to create a development that fits the neighborhood, Schriber said.

The office building would join a bustling corridor in the neighborhood near Google’s Midwest headquarters, the recently opened Time Out Market food hall and Mondelez International’s new headquarters.

Sterling Bay has played a large part in the new Fulton Market, from what was a meatpacking and warehouse district into an office, residential and retail attraction. Other developers like Shapack Partners have also been instrumental in the area’s transformation.

Shorewood also owns 1109 West Lake Street in Fulton Market, which it bought last year. It’s set to sign a lease there with a restaurant group next week, Schriber said.

Related Articles

Sterling Bay CEO Andy Gloor and a rendering of 345 N. Morgan St. (Credit: Sterling Bay, Cara)

Sterling Bay nabs construction loan for Google-leased office building

Managing director of Wanxiang American Real Estate Larry Krueger and CEO of Riverside Investment & Development John O’Donnell

Riverside JV looks to recap or sell 1.2M sf West Loop office tower

110 N. Carpenter St. & Sterling Bay CEO Andy Gloor (Credit: Google Maps)

Hungry for a payout, Sterling Bay lists McDonald’s HQ in Fulton Market

Standard Equipment Company at 2000 West Lake Street and Realterm Logistics Robert Fordi 

Lure of Fulton Market helps draw buyer to nearby industrial site

Ald. Walter Burnett (27th Ward)

Proposed pot shop’s proximity to Fulton Market rehab center poses problems

Bridgford Foods plant at 170 N. Green St. & Clayco founder and Chairman Bob Clark (Credit: Google Maps)

Clayco buying prime Fulton Market property; redevelopment eyed

LG Development CEO Brian Goldberg and 1143 West Lake Street (Credit: LG Development and Google Maps) 

LG Development sets sights on 400-unit resi project in Fulton Market

W. P. Carey Inc. CEO Jason E. Fox, Pritzker Realty Group founder and Chairman Penny Pritzker, 150 N. Clinton St. (Credit: Google Maps)

WP Carey and Pritzker Realty make big moves in West Loop