Development Site for Fulton Market Lab Building Listed for Sale or Co-Investment

Chicago developer Mark Goodman has hired CBRE to market a Fulton Market property at 400 N. Elizabeth St. to prospective investors, Crain’s Chicago Business reported. Goodman won City Council approval in November 2021 to develop a 503,000-square-foot lab building and bought the site two months later for $15.8 million. He announced last spring that demolition of the existing brick industrial building on the property would occur by the end of 2022 to make way for construction.

However, that brick building remains untouched on the 1.5-acre site, and CBRE is now marketing the property as an opportunity “to acquire a generational Fulton Market development site, or participate in a joint venture for, the development of 400 N. Elizabeth,” the firm said. Marketing materials note the prospect of pivoting to build apartments, a hotel or a mixed-use project there instead, reported Crain’s.

“Recent economic challenges have impacted the development’s progress,” Goodman said in a statement. “The current interest rate environment has restricted the availability of capital, impacting both real estate developers who need construction financing and the prospective tenants looking to finance new lab and office space.”