Alex Najem’s Fulton St. Companies has spent the last few years buying up properties and planning new developments in Fulton Market, an area the developer has called “its own little city.” Now, Fulton St. Cos. wants to expand what is becoming its own mini metropolis.
Fulton St. Cos. wants to build 1.1 million square feet of residential and office buildings around the 1200 block of West Fulton Street, according to Crain’s. Fulton Square would encompass about 2 acres, and include 600 rental units — split between two buildings — and a 500,000-square-foot office building.
The company is in contract to buy a majority of the location for about $40 million, according to the report, in what would be the largest project in the district to date. This comes at a time when the Chicago office market is still struggling to stem the loss of tenants and reinvigorate Downtown. But Fulton Market has been fairly bulletproof; the trendy neighborhood has attracted a range of big developers and developments, along with a very big-name tenant in Google.
Fulton St. Cos’ new complex would add to the company’s growing footprint in the district. In March, the firm — which Najem co-founded in late 2017 with Ross Babel and David Mazzella — also proposed a 433-unit rental tower which would be among the largest residential complexes in the area. The 32-story building would be a partnership with Chris Merrill, who co-founded Harrison Street Real Estate Capital. It would rise along the same block of West Fulton Street. Fulton St. Cos. also wants to build another rental complex with around 430 units at 1325 West Randolph Street.
Back in October, Fulton St. Cos. listed its under-construction 45,000-square-foot building at 1100 W. Fulton Market. The price was set at more than $40 million, which would break down to about $881 per square foot, a record for the area. The furniture company Herman Miller signed a 15-year lease for the building, which was completed in March.
Fulton St. Cos. also won approval for a hotel on a vacant plot at 1043 West Fulton Street. It ended up breaking ground in July on a 150,000-square-foot office complex at that location, which had also been a possibility.
[Crain’s] — Alexi Friedman