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LG Development sets sights on 400-unit resi project in Fulton Market
The complex would include an 11-story office building for the booming district
LG Development Group is planning a massive project — a mix of office and hundreds of residential units — for booming Fulton Market.
The Chicago-based development firm’s project is expected to be voted on later this month at the City Plan Commission, according to the Chicago Sun-Times.
The more than 400-unit apartment project and the 11-story office building would rise on Lake Street, between May and Racine avenues, the Sun-Times reported. The entire project would cover nearly two acres of private property. It also includes retail and restaurant space on the ground floors.
The residential portion will include 20 percent of the units set aside for affordable housing under Chicago’s affordable housing ordinance.
It would require a zoning change; the project is located in Alderman Walter Burnett’s ward. He did not respond to a call for comment.
Fulton Market is in the middle of a storm of construction, with several new projects planned and with property owners also looking to cash out on the trendy area. The Planning Commission approved three massive projects last month in the area: North Park Ventures’476-key hotel, Marquette Companies’ 281-unit apartment complex and Trammell Crow’s 16-story life sciences development.
In September, LG Development abandoned its stalled 12-story luxury condominium project at 61 W. Erie Street, and pitched a five-story, 29-suite hotel; in River North. [Sun-Times] — Jacqueline Flynn