433-unit apartment tower would be among Fulton Market’s biggest

A duo led by Fulton St. Companies has proposed a 433-story rental tower in Fulton Market, which would be among the largest residential complexes in the trendy district.

The Chicago Plan Commission lifted its ban on residential development in much of Fulton Market early last year and a few months later Alderman Walter Burnett rescinded his objection — in exchange for more affordable units.

Fulton St. Companies. would build the 32-story tower with Chris Merrill, who co-founded Harrison Street Real Estate Capital, according to Crain’s, which first reported the story. The building would rise at 1201-1215 West Fulton Street.
The partners acquired the property for $20 million last fall and tapped Morris Adjmi Architects to design the tower.

Co-founded by Alex Najem, Ross Babel and David Mazzella, Fulton St. Companies is branching out after focusing on the booming West Loop area. There, the firm acquired seven properties with six planned projects — five commercial developments and a large residential complex at 1325 West Randolph Street.

In October, it listed a 45,000-square-foot building in Fulton Market for more than $40 million, which would be a per-square-foot record if sold at that asking price.

In mid-December, Harrison Street said it had raised $720 million for a fund that will primarily invest in life sciences labs and data centers. Seizing on the surging sector, Harrison Street needed just two months to raise that amount as part of its eighth investment fund.

[Crain’s] — Alexi Friedman