Mavrek Development and GW Properties are under contract to purchase the prime redevelopment site at 850 W. Washington. Located at the northeast corner of W. Washington Blvd and N. Peoria St, the property is currently occupied by a one-story structure that houses interior parking and the West Loop Auto Spa car wash.
As a prime redevelopment opportunity in the booming Fulton Market, the site measures 21,250 square feet with an underlying zoning of DX-3. While a zoning change and Planned Development would be expected for redeveloping such a valuable parcel, the underlying zoning would allow for approximately 64,000 square feet of development.
With the site under contract, Mavrek Development and GW Properties are set to redevelop it, but details are sparse as the plans are still in the preliminary stages. A Mavrek Development spokesperson declined to comment on the potential development.
This specific site is back on the radar after New York-based Tishman Speyer backed out of a deal in June 2022. Their plans would have brought an office tower to the site before they called it off due to rising interest rates and concerns of a potential recession.
The site is near many attractions including Parlor Pizza next door, Nobu Hotel a block away, Soho House Chicago on the other side of N. Green St, and numerous other shops and restaurants all within blocks of the parcel.
Mavrek Development is keeping themselves busy around the city with 1016 W. Jackson a few blocks south already approved, Portrait in Uptown wrapping up construction, and The St. Grand going vertical in Streeterville.