research
The developer Midwest Property Group has raised $10. 7 million to acquire historic assets in Shorewood from Louis Schriber.
A photo depiction of Shorewood founder and chairman Louis Schriber III at 900-914 West Fulton Market Road (Getty, Shorewood, Google Maps)
An iconic commercial construction in Fulton Market that will be remodeled into a workplace tower through Shorewood Development has a new owner and a new progression plan in place.
A few days after promoting the construction of a River North office at 448 North LaSalle Street to a lender, Jaime “Jay” Javors of Midwest Property Group will take over the former commercial assets next to the modern Time Out market. The site at 900-914 West Fulton Market Street was once slated for redevelopment through Buffalo Grove-based Shorewood. Instead, Javors purchased the assets in Shorewood for $12. 6 million, according to Cook County records.
Louis Schriber III’s Shorewood secured an $8. 1 million loan from Lakeside Bank for the assets in early 2020 and revealed plans in March of that year to build a nine-story, 64,000-square-foot workplace on the site. The assets, which include commercial construction component from 900 to 914 West Fulton Market Street, were sold to Shorewood through Nealey Foods, a corporation that was once a staple of the area’s meatpacking industry and whose name still embellishes one of the buildings.
As Fulton Market began its transition to a workplace and retail, Nealey Foods began selling properties. Last year, it was reported that the company was in talks to sell a 2. 7-acre asset on Peoria Street to New York-based Thor Equities for $100. million, that deal has yet to be completed.
It’s unclear exactly what derailed Shorewood’s plans for 900-914 West Fulton Market, but the COVID-19 pandemic most likely played a role. Shorewood representatives responded to requests for comment.
Although the Shorewood redevelopment did not come to fruition, the company would likely have abandoned this task without too much financial pressure. Midwest Property Group purchased the assets for a value far in excess of Shorewood’s previous debt to Lakeside, while Javors signed a $10. 6 million loan. with Hinsdale Bank
Midwest plans for the site, which include a lower-level advertising area and upper-level residential units, were approved by the city this week. The progression organization is planning a mixed-use progression on a smaller scale on assets designed through architecture firm NORR. Plans include the demolition of the 906 West Fulton Market building, the restoration of the 900 West Fulton Market building, and the preservation of the 910 West Fulton building façade.
The combined design will succeed over five floors with three recessed floors added on top of the existing buildings. The goal of the redevelopment plan is still unclear.
Javors appears to have reached an agreement for the redevelopment assignment while he is ready to sell 448 12-story, 175,000-square-foot North LaSalle Street to his lender and then pay off a $70 million loan on the property in 2019.
Copyright © 2024 The Real Deal is a registered trademark of Korangy Publishing Inc.