Office, Retail Anchor Tucker Development's Splashy Fulton Market Entry
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Tucker Development made waves late last year when it JV’d with Acadia Realty Trust on an 11-building portfolio in Fulton Market in a $52M deal. Tucker CEO Richard Tucker told Bisnow the JV hopes to further cement Fulton Market as one of Chicago’s marquee retail centers. Now the plans are in place for what is being dubbed 900 West.
Tucker Development VP and general counsel Aaron Tucker says Tucker’s long-standing relationship with Acadia allowed the two firms to act fast on buying the portfolio, the former Quality Foods site which takes up nearly one square block. Aaron says there are approximately 91k SF to redevelop into a mix of office and retail across four floors. Tucker’s plans for the property call for roughly 46k SF of retail and 45k SF of office space.
While some new developments in the Fulton-Randolph Market Historic District have only preserved the existing buildings’ facades, Aaron says Tucker is excited to preserve and rehabilitate the entirety of the historic buildings. Thankfully, the shell is in great shape, which puts Tucker ahead of the game. (Pictured: a look at the exposed brick inside the Quality Foods space.)
Aaron says 900 West will benefit greatly from its location near the Morgan Street "L" station and the activity in Fulton Market. The pipeline includes more than 3,500 apartment units, 800 new hotel rooms, 500k SF of new retail and over 20,000 new jobs in the area. The population growth nearby has increased exponentially over a four-year period.
Even though Fulton Market has become the hottest tech office submarket in Chicago, Aaron says Tucker and Acadia don’t feel a need to focus solely on tech firms or startups with their office plans. He believes the leasing plans will be attractive enough to make traditional companies and tech firms alike want to call Fulton Market home.
The same goes for retail tenants. Randolph Street is home to some of the most acclaimed and trendy restaurants in Chicago. But Aaron believes the retailers seeking space at 900 West will be a mix of local businesses and national retailers, and demand for street-level storefront space will be high. But the retail won’t be limited to ground level. Tucker and Acadia’s plans call for around 20k SF of two-level retail space.
Aaron says plans are in place to build a brand-new building next to the site to complement the repositioning.