Developer Purchased Chicago Site for $16.5 Million

Mavrek Development acquired a 25,000-square-foot Fulton Market property as local housing demand grows.

Updated on Sept. 28, 2026 in Commercial

Bold vector editorial illustration showing a steel I-beam on a concrete surface, representing urban real estate development in Chicago. — Mavrek Development completed the purchase of a 25,000-square-foot site in Chicago's Fulton Market for $16.5 million as part of a housing expansion strategy. AI Illustration. Upload story photo >

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Mavrek Development has completed the $16.5 million purchase of the property located at 850 West Washington Boulevard. The 25,000-square-foot site currently houses an auto spa and parking lot, with the new owner evaluating options for future rezoning and development.

Why it matters

The firm is moving forward with this acquisition as part of a bet on Chicago's ongoing housing supply shortage. By securing the land, the developer positions itself to potentially increase density in a high-demand urban neighborhood.

The property was acquired for $16.5 million, or approximately $660 per square foot. The buyer supported the transaction with a $9.5 million mortgage loan provided by Hoyne Savings Bank.

The players

Mavrek Development

A real estate firm that invests in urban land and residential development projects.

Hoyne Savings Bank

A financial institution that provides mortgage and construction loans to property developers.

Tishman Speyer

A global real estate investment and development firm that previously evaluated the property.

The details

Mavrek Development closed on the 850 West Washington Boulevard site using a relatively low-leverage approach with financing from Hoyne Savings Bank. The property is currently zoned DX-3, which permits up to 75,000 square feet of development. The developer is now weighing several potential options for the parcel, including the possibility of seeking a zoning change to facilitate a larger project than current rules allow.

Mid-2022: Tishman Speyer previously held a contract for the site.
August 2026: Mavrek secured a $130.4 million construction loan for a separate project.
September 28, 2026: Official publication of the acquisition details.

Money Landscape

This purchase highlights the continued interest in high-density development as firms look to address the long-standing housing supply shortage in Chicago. Developers are increasingly focused on acquiring well-positioned sites to meet the demand for new urban living spaces.

Residents should monitor local zoning board hearings if plans for a larger-than-allowed residential project are filed for this address. Changes to land usage in high-demand areas can influence long-term neighborhood density and local housing availability.

The takeaway

Commercial development acquisitions can signal shifts in neighborhood density and future housing capacity. Homeowners and renters should keep an eye on upcoming zoning filings in their area to understand how local land use changes might affect their community over the next few years.