“A renovation permit has been issued for the redevelopment of 900 W. Lake into offices. Planned by Fulton Street Cos, the brick and timber structure built in the 1880s was home to the original Schwinn bicycle factory. The structure was converted into the Lake Street Lofts in 1999 but has now sat vacant since 2022.
“Designed by FitzGerald, the renovation will convert the six-story building into 14,000 square feet of ground-floor retail space with 92,000 square feet of office space on the upper floors. The basement will be converted into 75 parking spaces.
“As part of the renovation, the building’s storefronts and entrances will be preserved and repaired as needed. Windows will be repaired and replaced where necessary. On the roof, the building’s roofing will be replaced and parapets will be repaired. On the interior, a new stair and elevator core will be built into the north end of the building to serve the office floors.
“The $77.3 million development is seeking a Class L tax incentive that would result in a projected tax savings in the first 12 years of $9 million. The Commission on Chicago Landmarks has approved the application and they are awaiting final approval from the City Council. (Kugler, Urbanize Chicago, 6/16/25)
“‘The building itself just captures the historic Chicago warehouse charm perfectly,’ Bates said. ‘It’s the original Schwinn bicycle factory with exposed ceilings, great floor-to-ceiling height and wood pillars that are so charming. It just adds to the character of the building. You couldn’t build it again with this kind of charm.’
“‘We think Fulton Market stands out from the crowd when it comes to office rents, residential rents, retail rents, food and beverage,’ Bates said. ‘We love it. I think it’s one of the best submarkets in the country. It’s where our guests want to be. You can do anything you want to do in Chicago and then you’re around the best dining experiences you can find in the city.’ (Ori, CoStar News, 5/30/24)
Preservation Chicago advocated with urgency to ensure that the former Schwinn Bicycle Factory at 910 W. Lake Street was included in the Fulton-Randolph Market Chicago Landmark District in 2015 despite strong opposition. Fortunately, the building was included in the Landmark District which prevented its demolition and played an important factor in its important contribution to the dynamism of the Fulton Market District.
Read the full story at Urbanize Chicago
- Renovation permit issued for office conversion at 900 W. Lake; The building once housed the original Schwinn Bicycle Factory, Lukas Kugler, Urbanize Chicago, 6/16/25
- Landmarks approves Class L for office conversion at 900 W. Lake; The building once housed the original Schwinn Bicycle Factory, Lukas Kugler, Urbanize Chicago, 5/14/25
- Original Schwinn Bicycle Factory To Become 140-Room Hotel in Chicago’s Fulton Market; Developers Plan To Convert Building Into Drift-Branded Property With Rooftop Restaurant, Ryan Ori, CoStar News, 5/30/24
- Fulton-Randolph Market District Chicago Landmark Designation Report 2015