Google’s neighbors: Vequity is latest to plan development near the tech giant

The company is building a mixed-use complex by Google's Midwest HQ in Fulton Market

TRD CHICAGO /
Oct.October 04, 2018 04:15 PM

Vequity’s Christopher Ilekis and Ryan Murphy with the building

Vequity is putting up a six-story mixed-use building in Fulton Market, joining a number of other developers with projects encircling Google’s Midwest headquarters.

The Chicago developer this week landed a building permit for its project at 1001 West Fulton Street, where it will construct five floors of offices over ground-floor retail. Vequity planned to use the second and third floors as its headquarters, Curbed reported last year.

The project, designed by Ilekis Associations, is expected to cost $2.5 million, according to building permit documents. Vequity last month received a $7.8 million loan from Pan American Bank and Trust for the project.

The developer originally proposed a five-story building, but later added a floor, making a $88,800 payment into the city’s Neighborhood Opportunity Fund in return.

Vequity is hardly alone in hoping to cash in on its proximity to Google. Murphy Development wants to build a seven-story office building at 328 North Carpenter Street, taking over a planned 100,000-square-foot project there from Venture Capital.

Developer Mark Goodman is planning a 12-story, 268,000-square-foot office property just east at 310 North Sangamon Street, while construction firm Summit Design + Build is developing a five-story office building at 1040 West Fulton Street.

Sterling Bay has a project in the works across the street from Google at 345 North Morgan Street, where it aims to build a movie theater. It just bought property immediately north of Google at 1000 West Carroll Avenue for $20 million.


Related Articles

arrow_forward_ios
The former Target in Calumet City will be converted into a working farm (Google Maps)

For latest retail redevelopment, old Target will become new farm

For latest retail redevelopment, old Target will become new farm
Cook County Assessor Fritz Kaegi and downtown Evanston

Cook County landlords get bad news about 2020 taxes

Cook County landlords get bad news about 2020 taxes
Joe Sitt and 905 W. Fulton Market (Credit: Thor Equities)

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
Ald. Walter Burnett (27th)

Alderman Burnett to lift ban on resi development in Fulton Market

Alderman Burnett to lift ban on resi development in Fulton Market
Amazon CEO Jeff Bezos with 4306 120th Ave. in Kenosha and 23700 W. Bluff Road in Channahon (Credit: Getty Images; Google Maps)

Amazon is at it again in Chicago

Amazon is at it again in Chicago
The Chicago Loop’s retail vacancy rate could eclipse 20% this year, by some estimates (Photo by Interim Archives/Getty Images)

“There’s going to be pain, and people are going to get hurt”: Chicago retail’s ugly future

“There’s going to be pain, and people are going to get hurt”: Chicago retail’s ugly future
John Murphy, head of Murphy Development Group and a rendering of 8000 N. Lincoln Ave. (Credit: Murphy Development; rendering via Lucien Lagrange)

In this market, a good construction loan is hard to find

In this market, a good construction loan is hard to find
Don Thompson and 212 North Canal Street (Credit: Cleveland Avenue, Google Maps)

VC firm led by ex-McDonald’s chief buys River West office building

VC firm led by ex-McDonald’s chief buys River West office building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...