Sterling Bay, Colorado firm start joint venture to develop Class A residential building in Chicago’s Fulton Market

The 29-story project will break ground in Q1 2022, with construction expected to be complete by year-end 2023

Chicago /
Jan.January 07, 2022 10:56 AM
Sterling Bay's Andy Gloor, Ascentris' Gabe Finke, and a rendering of 160 North Morgan (Sterling Bay, Accentris)

Sterling Bay’s Andy Gloor, Ascentris’ Gabe Finke, and a rendering of 160 North Morgan (Sterling Bay, Accentris)

Fulton Market is still the favorite of Chicago developers.

Sterling Bay and a Colorado real estate private equity firm formed a joint venture to develop a Class A residential building in Fulton Market, the one bright spot in the city’s pandemic-battered downtown real estate market.

Sterling Bay partnered with Ascentris to build its first residential project in the rapidly developing former meatpacking district, the developer said Thursday. The 29-story, 282-unit project at 160 North Morgan received the Chicago City Council’s approval in October 2021 and is expected to break ground in the first quarter of this year. Construction will be completed in 2023.

A rendering of 160 North Morgan (Sterling Bay)

“The city is experiencing a boom in modern, highly amenitized residential development, a niche that Sterling Bay has become known for in its development of future-forward spaces like McDonald’s Global Headquarters and Google’s Midwest Headquarters,” said Sterling’s CEO Andy Gloor.

The developer will provide 28 affordable units onsite to meet the city’s requirements, provide $5.3 million in housing fees and pay $2 million into Chicago’s Neighborhood Opportunity Fund, which was created in 2016 to promote the city’s equitable neighborhood development.

The building, across from the CTA Morgan Station, will also provide 89 parking spaces and 2,600 square feet of ground-floor retail.

Construction for multifamily projects in Fulton Market opened up after Alderman Walter Burnett lifted a residential ban in the district in May 2020 in hopes of maintaining the neighborhood’s development during the pandemic slowdown.

Sterling Bay’s project in Fulton Market joins a slew of planned developments including Newcastle’s 33-story, 200-unit tower at 210 North Morgan Street and LG Development’s 665-unit rental complex across two buildings on the 1100 block of Lake Street.





    Related Articles

    arrow_forward_ios
    Peppercorn Capital's Philip Denny’ and the site of 1217 West Washington Boulevard (Google Maps)
    “King of the West Loop” sells $10.3M site
    “King of the West Loop” sells $10.3M site
    From left: Edzard Overbeek, CEO, HERE Technologies and the Boeing Building at 425 West Randolph Street; Richard Edelman, CEO, Edelman and 111 North Canal Street (Edelman, HERE Technologies, LoopNet)
    Chicago office subleases grow as Boeing building empties
    Chicago office subleases grow as Boeing building empties
    A photo illustration of 105 West Adams Street (top right) and the Chatham Village Square shopping center (bottom) (LoopNet, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
    Chicago landlord Tadros files for bankruptcy with $22M mortgage at stake
    Chicago landlord Tadros files for bankruptcy with $22M mortgage at stake
    The Boeing Headquarters with Boeing CEO Dave Calhoun (Boeing, Flikr via Ian Abbott, iStock)
    Boeing moving headquarters out of Chicago in another blow to city’s office market
    Boeing moving headquarters out of Chicago in another blow to city’s office market
    WeWork's Robin Cardoso with 167 North Green Street (LinkedIn, Shapack, iStock)
    WeWork leases in Fulton Market building after rejecting previous deals in neighborhood
    WeWork leases in Fulton Market building after rejecting previous deals in neighborhood
    NorthWest Healthcare Properties' Paul Dalla Lana and the Triangle Office Building at 1700 West Van Buren Street (NorthWest Healthcare Properties)
    Canadian REIT pays $120M for Chicago-area medical offices in US entry
    Canadian REIT pays $120M for Chicago-area medical offices in US entry
    Alex Pissios with 232 North Carpenter Street (Twitter, Google Maps)
    Ex-TV studio head who brought down union boss pays $11M for Fulton Market building
    Ex-TV studio head who brought down union boss pays $11M for Fulton Market building
    Fulton Market (Chicago, Realcrg, iStock)
    Shapack, CRG plans for Fulton Market mixed-use tower to face city review
    Shapack, CRG plans for Fulton Market mixed-use tower to face city review
    arrow_forward_ios

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

    Loading...