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Thor Equities began construction of 905 West Fulton Market, one of the tentpoles in a block-long stretch of Fulton Market the New York-based investor has under its control. Thor is developing the project to capitalize on growing office demand, and in anticipation of eventual retail interest, in Fulton Market.
Thor Equities bought the site, encompassing four buildings at 816-820 West Fulton Market, 216 North Peoria and 226 North Peoria, in December 2016. Thor Equities is razing the Fulton Market buildings and restoring the Peoria Street buildings into a single five-story building with three distinct facades, contiguous floor plates and 300 feet of retail frontage. The development will also include a landscaped terrace and a green roof.
Thor Equities spent $48M on Fulton Market assets in 2016, including $36M for the 905 West Fulton assets. Last week, the firm bought 800-810 West Fulton Market from R2 Cos. for $12.2M, giving Thor control over a full block. The firm believes its location at Fulton Market's gateway will fill demand for retail to complement the submarket's office and hospitality activity. Other projects aiming to capitalize on this demand are Sterling Bay's Coyne College redevelopment and Tucker Development's 900 West, a project similar in scope to 905 West Fulton.
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