Two more residential and life sciences buildings greenlighted in Fulton Market

Chicago Plan Commission OKs two proposals

Chicago /
Oct.October 21, 2021 05:45 PM

Mike Lafitte (CEO, Trammell Crow Company), Mark A. Goodman (CEO, Mark Goodman & Associates) and renders of residential and life sciences buildings in Fulton Market (Chicago Plan Commission, mgachicago.com, trammellcrow.com)

A residential and life sciences building project, the two most in-demand projects in Fulton Market, are a step closer to coming to the area.

The Chicago Plan Commission approved a 33-story residential building and a 26-story office building proposed by Trammell Crow Chicago Development at 315 North May Street and 1112 West Carroll Avenue on Thursday. The residential building, rising 370 feet tall, will have 377 units, ground-floor commercial and retail space.

Trammell Crow Chicago Development will provide 76 affordable housing units on site, following the city’s affordable requirements ordinance to make 20 percent of the new residential developments affordable.

The $550 million project started out as two office towers, but the developer converted the building on 1112 West Carroll Avenue to residential after the Plan Commission revised to allow residential developments north of Lake Street in January this year.

Renderings of 400 N. Elizabeth Street (Chicago Plan Commission)

The Plan Commission also gave the greenlight for a 16-story life sciences building at 400 North Elizabeth Street in Fulton Market. Mark Goodman & Associates proposed to rezone the site to a business planned development from a commercial and manufacturing district. The $150 million project will include about 492,000 square feet of office space and is expected to create life sciences jobs.

Both proposals need the City Council’s final approval before starting construction.

Tech companies have been leading office migrations to the area, and a new market of biotechnology is set to emerge. Sterling Bay broke ground for island eight-story building that will house medical research facilities in Lincoln Yards this week. That building, dubbed Ally, is part of Sterling Bay’s plan to create a “scientific innovation” district.

Office buildings have been battered by the pandemic as vacancy rates climbed to 17.9 percent in the third quarter, according to JLL. While JLL said the rate is driven by sublease space that’s becoming vacant, Fulton Market is an exception. About 785,000 square feet of space has been completed there in the past year, about 30 percent of which is new construction.





    Related Articles

    arrow_forward_ios
    Kimpton Hotel Monaco at 225 North Wabash Avenue and Xenia Hotels & Resorts' Marcel Verbaas (Google Maps, Xenia)
    Kimpton Chicago hotel to be sold for $20M less than appraised value eight years ago
    Kimpton Chicago hotel to be sold for $20M less than appraised value eight years ago
    Photo Illustration of construction materials on an airport runway (Getty)
    British Airways files negligence suit against Chicago over O’Hare expansion
    British Airways files negligence suit against Chicago over O’Hare expansion
    AmTrust Realty to pump in $100M to spruce up Loop portfolio
    AmTrust Realty to pump in $100M to spruce up Loop portfolio
    AmTrust Realty to pump in $100M to spruce up Loop portfolio
    Angelo Gordon sells North Side retail assets for $46.3M
    Angelo Gordon sells North Side retail assets for $46.3M
    Angelo Gordon sells North Side retail assets for $46.3M
    Chicago’s Old Post Office nabs health care firm as new tenant
    Chicago’s Old Post Office nabs health care firm as new tenant
    Chicago’s Old Post Office nabs health care firm as new tenant
    Buckhorn Estates in Des Plaines (Google Maps)
    Denver firm buys two suburban Chicago mobile home parks for $43M
    Denver firm buys two suburban Chicago mobile home parks for $43M
    The WGN-TV building and Hines CEO Jeffrey Hines (WGN-TV, Hines)
    Hines pays about $31M for WGN-TV studio
    Hines pays about $31M for WGN-TV studio
    800 West Fulton Market and John Deere CEO John May (800 West Fulton Market, John Deere)
    John Deere set to bring jobs to Chicago with Fulton Market lease
    John Deere set to bring jobs to Chicago with Fulton Market lease
    arrow_forward_ios

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

    Loading...