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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

Vequity’s Christopher Ilekis and Ryan Murphy with the building

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.

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Popular
Chicago

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

Vequity’s Christopher Ilekis and Ryan Murphy with the building

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.

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