The publisher of Time Out entertainment magazines confirmed plans to open one of the largest food halls in Chicago in 2019, in the Fulton Market district that’s already a destination for foodies.

Time Out Market Chicago is planned for a three-level, nearly 50,000-square-foot building to be constructed at 916 W. Fulton Market, London-based Time Out Group announced Monday.

Time Out’s news release confirmed a Tribune report in June that a lease for the Fulton Market space was close to being finalized. At the time, the Tribune reported Time Out planned to lease all of a two-story, 30,000-square-foot building formerly used by El Cubano Wholesale Meats.

Since that time, the brick structure was torn down because it was deemed structurally unsound, said L3 Capital Vice President Whitney Robinette. L3 Capital and investment partner LaSalle Investment Management plan to construct a similar-looking building on the site, one that will include basement and rooftop levels.

The Chicago-based firms bought the building for $14.5 million in October 2016, in one of many examples of meatpackers and wholesalers selling their longtime real estate and relocating amid soaring property neighborhood values.

Time Out’s Chicago space at Fulton Market and Sangamon Street will include 600 seats. The Chicago magazine’s editorial staff will curate 16 food stations from local vendors, according to the news release. The market also will include three bars, a demonstration kitchen, retail and local art.

Vendors have not been chosen yet, Time Out Group spokeswoman Alexandra Rieck said.

Time Out Market will become one of the largest food halls in Chicago. It will be smaller than the single-operator Eataly, which occupies about 63,000 square feet just off North Michigan, but double the size of the 24,000-square-foot Revival Food Hall on the ground floor of a Loop office building.

Time Out’s first market opened in Portugal in 2014. By 2016, the 75,000-square-foot Lisbon market attracted more than 3 million visitors.

The company has several other markets in the works, with plans to open one in Miami in 2018 and one in Boston in 2019. Chicago is scheduled to be Time Out’s third U.S. market.

“The strength of the Time Out brand in Chicago combined with the city’s fantastic food and culture scene make this a great location for a new Time Out Market …” Time Out Group CEO Julio Bruno said in the news release. “We now have a roster of Time Out Market openings in some of the most exciting cities around the world and we are looking forward to them continuing the success story we started with Time Out Market Lisbon.”

Original Article Here:  http://4-traders.com/TIME-OUT-GROUP-PLC-28642989/news/Time-Out-Chicago-Tribune-Ryan-Ori-column-25649832/