Shapack Partners wants to add two floors to Fulton Market

A prominent Fulton Market developer wants to add two stories to its residential project.

Shapack Partners applied to amend its zoning at 1353 West Fulton Street to 28 stories from 26, bringing its height to 314 feet from 270, according to paperwork filed at the Chicago Plan Commission.

The site would have to be rezoned as a downtown mixed-use district and then as a residential-business planned development from a light industry district. The application didn’t say whether the project is an apartment or condo building, and Shapack didn’t return calls seeking comment. If it’s apartments, the firm will have to set aside 20 percent of the units for affordable housing.

Jeff Shapack, who leads the firm, bought the 27,000-square-foot parcel for $8.5 million in 2018. His company has built or redeveloped properties including the 182-key Hoxton Hotel, a 29-story residential building dubbed The Parker, and the 84,700-square-foot WeWork office building. The firm has at least nine projects totaling 960,000 square feet that are either completed or proposed, according to CoStar.

Last month, Shapack filed a zoning application to the City Council to replace a 156,000-square-foot facility at 170 North Green Street with a building of 275 apartments, office space, and 150 hotel rooms. The tallest portion of the building will rise at the corner of Lake and Peoria streets, while the rest would be about 14 stories high.

Fulton Market was largely immune to the pandemic as developers bought the last remaining parcels to develop them into Class A buildings. The average sale price per square foot in the district was $678 last year, compared with the central business district’s $431, according to Avison Young.