Sterling Bay gets go-ahead for 200-key Fulton Market hotel
The 14-story Hyatt House on North May Street adds to developer’s portfolio in booming neighborhood
Sterling Bay is expanding its presence the booming Fulton Market district with a 14-story, 200-key hotel.
The Chicago-based developer received a final permit needed for the extended-stay Hyatt House — which will rise near the new McDonald’s headquarters — its latest project in the neighborhood. The hotel will rise at 105 N May Street.
Construction started last month, led by frequent Sterling Bay collaborator Skender Construction. Eckenhoff Saunders Architects is handling the design.
Paperwork filed with the city pegs the cost of completing the building at $44 million.
Original plans called for a 19-story hotel, later reduced to 16 stories before being trimmed again to its current height.
The Hyatt House will not be Sterling Bay’s first hotel in Fulton Market: The trendy Ace Hotel at 311 North Morgan Street opened last year.
Sterling Bay is also behind the Google Midwest headquarters at 1K Fulton, the Fulton West development at 1330 West Fulton Market and the “vendor village” office building at 210 North Carpenter Street near the McDonald’s building.
It recently secured a $182 million construction loan for the start of its ambitious plans for the 300 block of North Green Street.
Sterling Bay is also behind the planned Lincoln Yards megadevelopment along the North Branch of the Chicago River, and in the past year acquired 600 West Chicago Avenue, home of Groupon’s headquarters, for $510 million; and the Prudential Plaza for $680 million.