Alex Najem forges ahead with demolition for big Fulton Market project

Alex Najem’s Fulton Street Cos. took its next step for a massive development on the firm’s namesake roadway, even as it has yet to clear key hurdles in the city government approval process.

A demolition permit was recently issued at 1200 West Fulton in preparation for a $600 million project proposed by the Chicago-based firm, Urbanize reported.

The firm can now start clearing the site for construction, although it’s still several city approvals away from breaking ground. Zoning for the project has yet to be granted by the city, but the developers appear to be moving forward on site preparation anyway. The project’s timetable is currently unknown.

Fulton Street bought the property for $42 million in 2021 and is planning on turning it into offices and lab space, apartments, a hotel and a fitness center. The various structures will account for roughly 1.5 million square feet, marking the firm’s biggest project so far.

Fulton Street Cos. is partnering with Harrison Street Real Estate Capital, JDL and Shanna Khan to help finance and manage the property. The award-winning Hartshorne Plunkard Architecture will be at the helm of the development’s design in consultation with Morris Adjmi Architects.

The asset is set to have three main buildings: A 50-story tower with 500 apartments and 200 hotel rooms, a 500,000 square foot office building and a 10-story structure with 200,000 square feet of lab space. The location for the property’s envisioned 200,000 square foot fitness center has yet to be determined.

The proposed plan is the latest indicator of Fulton Street Cos.’ grasp on the competitive Fulton Market District. Since beginning operations in 2017, the developers have acquired a string of properties in the neighborhood concentrated along Fulton Street and has built or is in the middle of developing office buildings, multifamily and mixed-use between the two.

They have four additional projects in the works, including another 530,000 square foot office building it’s developing in partnership with JDL at 917 West Fulton.

— Quinn Donoghue

This story has been updated to correct Fulton Street Cos.’ partners in the 1200 West Fulton development.