Marc Realty is looking to hand off its plans for a Fulton Market hotel, listing the development site for sale for $9.8 million.
CBRE is marketing the land at 311 North Sangamon Street, where Marc Realty has obtained city approval to construct a 15-story, 296-key hotel with 101,000 square feet of commercial space. The two 6,250-square-foot lots are being offered as a sale-leaseback deal, with the rate and terms negotiable. Broker Dominic Soltero has the listing.
The offering gives investors the chance to own a full city block in a popular area for development – there has been more than 10 million square feet of commercial space completed over the past five years within a half-mile radius of the site, according to marketing materials. The property also has a tenant, the restaurant Fulton Market Kitchen.
The neighboring four-story creative loft building at 310 North Peoria Street can also be made available for sale, marketing materials note, giving the buyer the opportunity to assemble even more space.
Marc Realty, along with investor Relu Stan, first filed plans for the development in late 2020. The firm received approval for the plans in 2021. Marc Realty principal Jerry Nudo did not respond to a request for comment.
The Fulton Market/River West submarket was one of two Chicago submarkets with positive office absorption last quarter, reaching almost 104,000 square feet, according to a report from Transwestern. The other was North Michigan Avenue with about 44,000 square feet.
In addition to being one of the nation’s fastest-growing office markets and a hotspot for residential development, the Fulton Market District has begun to see more retail investment in recent months.
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The Sangamon Street site is adjacent to the Time Out Market food hall, which occupies the three, story 49,000-square-foot building at 914-926 West Fulton Market. A European investor recently agreed to pay $35 million for the property.
Another nearby development site, 420 North May Street, sold for $34.5 million to Crescent Heights in February. The Miami-based developer is planning a 600-foot-tall apartment tower on the 1.7-acre property.