The Real Deal Chicago

Marquette Companies gets nod to finish Fulton Market rental

Sterling Bay bought the property for $4M in 2014
By Scott Klocksin | April 18, 2018 02:15PM

Rendering of 172 North Ada Street and Marquette’s Nick Ryan (Credit: Brininstool + Lynch and Marquette)

The city issued Naperville-based Marquette Companies a permit to complete construction on a planned 14-story, 263-unit residential building at 180 North Ada Street in the Fulton Market area of the West Loop.

Sterling Bay bought the property, formerly home to a parking lot and a warehouse, for about $4 million in summer 2014 and got a $20 million loan on it from Wells Fargo about a year later.

Marquette is developing the building, which is slated to include 143 parking spaces, according to the permit.

A previous iteration of the plans called for a building just 13 stories with only 96 parking stalls.

In December, Curbed reported Marquette had received the go-ahead from the city to start work on the foundation and first two levels of the building.

Marquette’s Scott Eberly said the project is expected to deliver in spring 2019.

Calls to Sterling Bay and Wells Fargo were not immediately returned.