A development firm behind multiple retail, office and rental buildings in the Fulton Market and the West Loop plans to build a high-end condominium building in the area with units fetching up to $6 million.
Fulton Street Companies plans to build a 10-story, 25-unit condo building, named Momad, at 1010 West Madison Street, Crain’s reported. The project, expected to break ground in 2022, will feature a direct entrance for each unit from the elevator, eight different floor plans and 42 garage spaces, more than the typical one space per condo.
The asking price for the units, ranging in size from 2,350 to 5,000 square feet, will run from a little under $2 million to about $6 million. Four units in Momad are already in contract at just under $6 million, Alex Najem, a principal at Fulton Street Companies, told Crain’s.
The exact price for two penthouse units haven’t been determined, but may top the $5.7 million record set for a West Loop condo in 2019. Investors are betting the district, home to tech and life science companies, is poised for a post-pandemic boom.
At the Hayden at 1109 West Washington, three condos also sold for between $4 million and $5 million, two of them in 2019 and one this year.
The development follows the Chicago Plan Commission’s lifting of a residential ban in much of the Fulton Market early last year. A few months later, Alderman Walter Burnett rescinded his objection in exchange for affordable units.
Fulton Street Companies also got the green light for its 34-story, 433-unit apartment building last year at 1201 West Fulton Market — the first in the area in over 10 years.
The firm’s website shows it acquired seven properties in the Fulton Market area. Five of them are commercial developments.
[Crain’s] — Connie Kim