Alderman Burnett to lift ban on resi development in Fulton Market

That’s sweet music for developers, who he said would in exchange make 20% of new units affordable

TRD CHICAGO /
May.May 08, 2020 03:00 PM
Ald. Walter Burnett (27th)

Ald. Walter Burnett (27th)

Alderman Walter Burnett sees things differently these days.

For years, he refused to change a policy that bans new residential projects in most of the Fulton Market District. But now, with a pandemic rocking the economy and a recession likely, Burnett is willing to play ball.

“If a developer comes to us with a proposal for residential, we’ll consider it,” the 27th Ward alderman told Crain’s. “We want to keep economic development happening in the city.”

It’s sweet music to the ears of Chicago developers, some of whom have benefited immensely from Fulton Market’s ascended status as the coolest neighborhood in town — for corporations and restaurant-goers, anyway. In recent years, companies such as McDonald’s and Google have helped transform a once-shabby industrial corner into a mini boomtown, resulting in record building sales, and a wave of spec commercial projects.

Developers were willing to make 20 percent of residential units affordable if Burnett lifted his ban, he told Crain’s.

Burnett has long been a proponent of commercial development in the district, but has cited community opposition to apartment buildings as one reason to ban them north of Lake Street, according to Crain’s. Needing a tax base to weather the coming storm, he’s now embracing it.

Real estate companies poised to benefit include Sterling Bay, which owns several parcels on Green Street and has considered a big development of the Archer Daniels Midland wheat mill; and Shapack Properties, which recently bought a few properties north of Lake Street. [Crain’s] — James Kleimann


Related Articles

arrow_forward_ios
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
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
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
Founder, President and CEO of Oxford Capital Group John Rutledge with Hotel Felix and Hotel Julian (Credit: Oxford Capital Group, Hotel Felix and Google Maps)

Oxford Capital designates 5 of its Chicago hotels for coronavirus housing program

Oxford Capital designates 5 of its Chicago hotels for coronavirus housing program
Sterling Bay CEO Andy Gloor and a rendering of 345 N. Morgan St. (Credit: Sterling Bay, Cara)

Sterling Bay nabs construction loan for Google-leased office building

Sterling Bay nabs construction loan for Google-leased office building
The 21c Museum Hotel at 55 E Ontario Street and the Hilton at 720 S. Michigan Avenue (Credit: Google Maps)

More hotels fall victim to coronavirus pandemic

More hotels fall victim to coronavirus pandemic
arrow_forward_ios

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

Loading...