Mavrek Development Purchased West Loop Property for $16.5M
The firm acquired the site of the West Loop Auto Spa and plans to evaluate options for a new development.
Updated on Sept. 28, 2026 in Commercial
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Mavrek Development has purchased the 25,000-square-foot property located at 850 West Washington Boulevard in Chicago for $16.5 million. The site is currently home to the West Loop Auto Spa and a parking lot.
Why it matters
The firm is targeting this acquisition to address the persistent lack of housing supply in Chicago. They are currently weighing multiple development options for the site, including potential rezoning for a larger project.
The transaction for the 25,000-square-foot plot equates to approximately $660 per square foot. Mavrek Development utilized a $9.5 million mortgage loan from Hoyne Savings Bank to complete the acquisition.
The players
Mavrek Development
A developer active in the Chicago market that focuses on urban infill projects and managing high-density residential portfolios.
Hoyne Savings Bank
A financial institution providing mortgage and construction lending services for regional real estate development projects.
The details
The site is currently zoned DX-3, which permits a development area of 75,000 square feet. Mavrek Development utilized relatively low leverage to finalize the purchase of the land. The firm previously attempted to develop a hotel for citizenM at this location before shifting focus to current housing-market demands.
Timeline
Tishman Speyer backed out of a contract for the site in mid-2022.
Mavrek secured a $130.4 million construction loan for a separate project in August 2026.
The acquisition of 850 West Washington Boulevard was reported on September 28, 2026.
The Home Front
This purchase reflects a broader trend of developers capitalizing on low-density plots in the Fulton Market area to increase residential capacity. It follows the pattern of recent large-scale investments aimed at mitigating Chicago's housing inventory crunch.
Residents should monitor local municipal zoning notices if they live near 850 West Washington Boulevard, as future project approvals often involve public community meetings. Planning to attend these sessions allows neighbors to review proposed site footprints and traffic impact studies.
The takeaway
The acquisition of this Fulton Market site highlights the ongoing competitive pressure to secure buildable urban land in Chicago. Homeowners should track city development board agendas to stay informed about potential zoning changes in their neighborhood.
Further reading
Learn more about the local market in Chicago Commercial.
Source note: This article includes information reported by The Real Deal New York.
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