Relu Stan Fulton Market Development Site Goes to Market Again

It’s round two for the sale of a shuttered Fulton Market building, as the property is once again on the market and with approved development plans to boot.

Chicago-based investor and developer Relu Stan is seeking a buyer for the site of the approved 296-key Fulton Market hotel project. There is no asking price for the site, which used to hold the Fulton Market Kitchen restaurant, according to Crain’s.

What’s different from the first pitch, which was filed in 2020, is that this time the future development is bundled with unused air rights.

Chicago-based R2, which manages the property next door that used to hold the Time Out Market food hall, is planning to pivot 916 West Fulton Street into a multi-tenant retail space, according to the outlet. 33 Realty’s George Kokkonas, who is selling the Sangamon Street property, have discussed the potential to buy up some of air rights from R2 and add more from a five-story, Stan-owned building at 310 North Peoria Street.

Adding these rights to the purchase gets the development up to a potential 151,000 square feet, twice the size of the initial square footage initially approved. The additions would have to be re-approved by the City Council, should the buyer pull the trigger on the new package.

The approval for the 15-story project is set to expire in January with a one-year extension available, according to the outlet. Stan first attempted to sell the development site in 2023 for $9.8 million under a sale-leaseback structure. At the time, Marc Realty Capital was also a name to note with regards to the development.

Stan, through a spokesperson, declined to comment to the outlet about the listing. His other property close to 311 North Sangamon whose air rights could be bundled — 310 North Peoria Street — pivoted from a planned hotel to a planned members-only golf and social club called the Wayman, according to the outlet.

— Hunter Cooke