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

May.May 25, 2018 02:00 PM

Andy Gloor and a rendering of the 14-story hotel.

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.

Related Articles


Chicago real estate titans throw Biden fundraisers, Sterling Bay office projects get green light: Daily digest

Scrapped luxury condo makes way for boutique hotel, Fulton Market building notches i-sales record: Daily digest

PepsiCo CEO Ramon Laguarta and WeWork CEO Adam Neumann with the Old Post Office (Credit: Getty Images)

Space race: WeWork, PepsiCo may take a combined 320K sf at 601W Companies’ Old Post Office

Keating Crown, James Crown and 1040 West Randolph Street (Credit: Newmark Knight Frank)

It stays in the family: Sterling Bay sells Fulton Market building to Crowns for $33M

Sterling Bay’s Lincoln Yards site just barely meets minimum legal requirement of a “blighted” parcel, a new report shows (Credit: Lincoln Yards, iStock)

Sterling Bay’s Lincoln Yards wouldn’t have qualified for TIF funding using latest property assessments: report

Homes with airplane hangars are coming to suburbs, Wicker Park neighbors spar with developer over church redevelopment: Daily digest

City to redevelop land near 95th Red Line Station, Chicago’s slumping housing market gets slight reprieve: Daily digest

Shapack Partners’ Jeff Shapack and 1152 West Carroll Avenue (Credit: Google Maps)

Shapack continues empire-building in Fulton Market