Mavrek Development and GW Properties are aiming to do what Tishman Speyer wouldn’t: develop 850 West Washington Boulevard.
The Chicago-based firms are poised to make a splash in Chicago’s bustling Fulton Market district by going under contract to purchase 850 West Washington, which currently contains a one-story structure that houses interior parking and an Auto Spa car wash, Urbanize reported.
The property became available after New York-based Tishman backed out of a deal in June 2022 to buy it from Chicago-based Park One, which bought the property for $14 million in 2018. Tishman planned to build an office tower at the site, but the developer bailed as rising interest rates and recessionary fears started tightening their grip on the market.
While Mavrek and GW’s exact plans for the site are unclear, current zoning would allow for approximately 64,000 square feet of development. The firms are expected to request a zoning change from the city that would allow for a bigger project, though, before proceeding with construction.
The West Loop’s emergence as Chicago’s hottest area for real estate, along with nearby attractions like Nobu Hotel, Soho House Chicago and an array of shops and restaurants, make 850 West Washington a coveted piece of property.
With the deal, Mavrek, whose CEO is CEO Adam Friedberg, proliferate its quickly expanding Chicago portfolio. The firm recently got approval to move forward with a 370-unit apartment at 1016 West Jackson Boulevard, also in West Loop.
Mavrek and GW are part of a joint venture with Luxury Living Chicago Realty and Double Eagle Development, which plans to build a 21-story mixed-use tower, called Saint Grand, in Streeterville. The project is slated for 248 units and 40,000 square feet of offices and retail.
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GW, led by Mitch Goltz and Shai Wolkowicki, got approval in January from Glenview officials to develop a five-building shopping complex that will also include a 12,000-square-foot medical building and a 10,000-square-foot Guidepost Montessori school.
— Quinn Donoghue