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.
“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.