Fulton Street Companies plan hotel conversion for Lake Street Lofts

Fulton Street Comapnies is collaborating with SNK Capital and Weldon Development Group to convert the Lake Street Lofts into a hotel. Located at 910 W. Lake, the brick and timber structure built in the 1880s was home to the original Schwinn bicycle factory and was converted into apartments by a group including architect Pat FitzGerald.

In 2022, Fulton Street Cos acquired the building for $49 million with plans to include it as part of the office redevelopment at 919 W. Fulton. The 11-story project was scaled back and the building at 910 W. Lake was omitted to secure $233 million in construction financing last year.

Now, the developers are looking to renovate the vacant Lake Street Lofts into a 140-room Drift-branded boutique hotel. The Chicago-based developer has a signed letter of intent with Drift to manage and invest in the $75 million project. Rooms will be relatively large, averaging 300 to 400 square feet and ranging up to 1,500 for the penthouse suite.

Drift Fulton Market is expected to have a rooftop bar and restaurant with skyline views, a lower-level speakeasy, and a high-end collaborative workspace on the ground floor. The developers are reportedly in talks with local food-and-beverage operators and a New York-based company to run the flexible work area.

According to reports from CoStar, the developers are actively pursuing financing for the project, which also would require a zoning amendment from the city. Construction could start by the end of the summer with opening targeted for Fall 2025.