The 58-story Equinox Hotel wasn’t the only new West Loop hospitality development to file for a zoning change earlier this week. Though not as high-profile as the 680-foot skyscraper proposed for 725 W. Randolph Street, there are plans in the works to see the existing four-story brick Fulton Market building at 310 N. Peoria converted into a boutique option for overnight travelers.
According to a zoning application from developer MRR Palmer Square LLC and project architect Hirsch Associates, an interior gut rehab will see the structure remodeled into 3,000 square feet of ground floor commercial space—likely a future restaurant—topped by a maximum of 28 hotel rooms. The property will also receive a fifth floor addition. While it currently holds at C1-1 Commercial zoning designation, 310 N. Peoria will need a bump to DX-3 Downtown Mixed-Use to be realized as proposed.
The latest hotel scheme isn’t the first redevelopment plan to come down the pike for the southwest corner of Peoria and Wayman. In early 2015, Crain’s reported that the property owner D2 Realty Services signed on London-based visual effects and design company The Mill to occupy 22,000 square feet in the building. The deal apparently never went though and the firm moved into the nearby Google-anchored 1K Fulton building the following year.
Once a hub for meatpackers and food wholesalers, Chicago’s Fulton Market continues to transform into an increasingly popular destination for both leisure and business travelers. Current hotel offerings include the trendy SoHo House and the recently opened Ace Hotel. Other projects such as the Nobu, the Hoxton, the aforementioned Equinox project, and an extended-stay Hyatt are in the pipeline for this changing neighborhood.
Update: Crain’s reports that MRR Palmer Square LLC is a venture from real estate investors Marc Realty Capital and Relu Stan.
- London firm to move office to Fulton Market area [Crain’s]
- Previous Fulton Market coverage [Curbed Chicago]