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Development
Chicago

Fulton Street Cos. lists development site

Firm initially planned 433-unit apartment building on property

Alex Najem with a rendering of 1201 West Fulton Street
Alex Najem with a rendering of 1201 West Fulton Street (Getty, Fulton St)

Fulton Street Cos. is ready to hand off its plans for a large apartment building, in an unusual move for the developer.

The firm tapped CBRE to sell 1201 West Fulton Street, where it had planned to build a 433-unit, 32-story rental tower on the 0.9 acre site, according to an online listing.

The asking price has not been disclosed. The firm did not respond to requests for comment. 

Fulton Street unveiled the plans for the complex, which it said it would build with Harrison Street Real Estate Capital co-founder Chris Merrill, in March 2021. The firm bought the property for $20 million in fall 2020.

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The property listed for sale is one of several that Fulton Street, which is led by Alex Najem and Ross Babel, have assembled over the last few years. 

The firm paid $45 million for the Lake Street Lofts property at 910 West Lake Street late last year, an assemblage the developers need to move forward with a planned 530,000-square-foot office building at 917 West Fulton Street. Their other projects include the redevelopment of a 15,000-square-foot historic meat packing facility into an office and retail building at 1100 West Fulton Street and a 160,000-square-foot office and retail building at 1045 West Fulton Street.

The proposed apartment high-rise would be one of the Fulton Market District’s largest residential complexes, though far from the only one. The neighborhood had experienced a boom in residential growth since a zoning ban was lifted in early 2020.

While Fulton Street usually builds rather than sells, they’re not the only neighborhood land owner pivoting development plans of late. 
Marc Realty listed 311 North Sangamon Street, where the firm had planned to construct a 296-key hotel, for $9.8 million last month, and Developer Mark Goodman listed 400 North Elizabeth Street, the site of his planned 503,000-square-foot, $218 million life sciences lab building, with CBRE in March.

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CBREFulton Street Cos.