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Fulton Market Set to Get Another Hotel With Alderman's Support

By Stephanie Lulay | January 28, 2016 8:45am
 Shapack Partners plans to build an 11-story plus penthouse hotel at 832-850 W. Lake St. adjacent to the WeWork Fulton Market building.
Shapack Partners plans to build an 11-story plus penthouse hotel at 832-850 W. Lake St. adjacent to the WeWork Fulton Market building.
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Shapack Partners

FULTON MARKET — With the local alderman's support, Fulton Market is set to become home to another hotel by 2018. 

Fulton Market-based Shapack Partners plans to build a hotel at 832-850 W. Lake St. adjacent to the WeWork Fulton Market building. The proposed hotel project would be 11 stories plus a penthouse and include about 170 hotel rooms, developer Jeffrey Shapack said at a community meeting attended by about 100 residents on Wednesday night.

The development would include 40 parking spaces on the building's second floor, but Shapack said the floor will be able to fit more cars under a valet plan. The building's first floor would include a place for eating and drinking, a hotel lobby, office lobby and about 1,200 square feet of retail space. The building's third and fourth floors would be office space and floors five through 11 would house the hotel, he said.

A hotel brand hasn't yet been decided.

The site is currently occupied by the Grant Park Packing Co. building, the Vaia Inc. Auto Specialists building and a parking lot owned and used by Vaia Inc. Auto.

After the meeting, Ald. Walter Burnett Jr. (27th) said the new hotel would bring more than 100 permanent jobs to the community and attract more retail to the area. 

"I think it's a no-brainer," Burnett said. "I like the fact that [Shapack] is not being greedy. He could put more units in there, but he's not being greedy. He's thinking about the community."

Leaders from the West Central Association and Industrial Council of Nearwest Chicago spoke in support of the project Thursday night. The West Loop Community Organization also supports the hotel project, executive director Carla Agostinelli confirmed, and Neighbors of West Loop have also indicated support, Burnett said. 

Armando Chacon, president of the West Central Association, said the hotel would benefit neighboring businesses. 

"We're going to hear a lot more about retailers coming to this area, and we really want them to be able to make it," Chacon said. 

The developer is seeking a zoning change and the plan will next be considered by the city's Plan Commission. If all goes well, the hotel project could start construction in late fall and open in spring in 2018. 

The development site is located just outside of the Fulton-Randolph Market Landmark District, a designation that places development restrictions on some sites in Fulton Market.

The West Loop is home to the Crowne Plaza Chicago Metro Downtown and Soho House Chicago. A 159-room Ace Hotel on Fulton Market, an 83-room Nobu Chicago on Randolph and an 11-room bed and breakfast are also in the works. 

Shapack is also developing an office building with 11 stories plus a penthouse on a vacant lot at 213-223 N. Peoria St. The company presented plans for a seven-story office building at 801-811 W. Fulton Market in February.

Shapack Partners has also developed buildings for Soho House Chicago, WeWork Fulton Market, Formento's and Momotaro in Fulton Market and is developing a 29-story residential building at Halsted and Lake streets.

Shapack Partners plans to build a hotel at 832-850 W. Lake St. adjacent to the WeWork Fulton Market building. [Shapack Partners]

 

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