Mavrek Development Closes $16.5M Fulton Market Site Purchase at 850 West Washington

Chicago-based Mavrek Development acquired a Fulton Market corner site at 850 West Washington Blvd. for $16.5 million, closing a deal that had stalled since Tishman Speyer exited its contract in mid-2022. The price equates to roughly $660 per square foot for the 25,000-square-foot parcel, exceeding the $500-$600 per-square-foot pre-pandemic peak and well above the neighborhood's $400 low. Hoyne Savings Bank provided a $9.5 million mortgage; CEO Adam Friedberg said the firm used "relatively low leverage." Mavrek previously planned a citizenM hotel on the site before the brand withdrew, delaying the purchase for roughly two years. The property's DX-3 zoning permits about 75,000 square feet as-of-right; Mavrek is weighing rezoning and "anything and everything" for the site. The acquisition extends an active stretch for Mavrek, which is pursuing downtown office-to-residential conversions and ground-up apartment projects while other out-of-town developers pull back.