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.