Shapack proposes apartments, hotel near Chicago casino site

Developer is latest to propose residential development in area

Chicago /
Jun.June 21, 2022 12:01 PM
Jeff Shapack with 506 N Des Plaines Street (LinkedIn, Google Maps)

Jeff Shapack with 506 N Des Plaines Street (LinkedIn, Google Maps)

A big Fulton Market developer plans to build more than 2,000 apartments and a hotel next to Chicago’s forthcoming $1.7 billion Bally’s casino.

Shapack Partners is filing a zoning application to develop a 1,110-unit apartment building along Grand Avenue, between Desplaines Street and Union Avenue that a Shapack venture bought for $25 million last month, Crain’s reported. The development will rise 600 feet.

The plans also call for the redevelopment of a six-story building at 509 Union Avenue into a 141-unit hotel. The apartment building will be built along Desplaines, where buildings would be demolished to make way for a denser tower.

Shapack also filed a separate zoning application to redevelop three sites near the intersection of Milwaukee and Union avenues and Hubbard Street. The plans for that development call for three buildings with a total of 1,159 residential units, as well as ground-floor retail space and some offices.

The proposals, which will require city council approval, are among a wave of apartment projects near the Chicago Tribune’s Freedom Center. The council already approved Onni Group’s plan to build about 2,700 apartments on the southern end of Goose Island, just north of the casino site.

Shapack is best known for developing high-profile office, hotel and apartment buildings in Fulton Market, including the Soho House hotel and private club, the Parker Fulton Market apartment building and a 750,000-square-foot office building at 167 North Green Street.

The hotel near the casino would be developed before the apartments, similar to how Shapack built Soho House to generate foot traffic in the neighborhood, the outlet reported, citing a person familiar with the company’s plans.

The proposals include a total of 454 affordable units, in compliance with the city ordinance.


[CCB] — Victoria Pruitt 





    Related Articles

    arrow_forward_ios
    Joe Mansueto and the Chicago Housing Authority owned land at Roosevelt Road and Ashland Avenue (Getty, Chicago Fire FC, Google Maps)
    CHA land goes to billionaire’s pro soccer team, despite housing shortage
    CHA land goes to billionaire’s pro soccer team, despite housing shortage
    Michael and Bryan Voltaggio; 320 North Sangamon St., Chicago (320 North Sangamon, Regalis)
    Tishman Fulton Market building snags celebrity chefs Voltaggios
    Tishman Fulton Market building snags celebrity chefs Voltaggios
    320 N Sangamon with Valor Equity Partners CEO Antonio Gracias and Tishman Speyer CEO Rob Speyer (Valor Equity Partners, Tishman Speyer, 320NSangamon )
    Valor Equity leases Tishman Fulton Market building, ditches Hancock
    Valor Equity leases Tishman Fulton Market building, ditches Hancock
    500 N. Michigan Avenue (Google Maps)
    Owner shops Mag Mile office tower for residential uses
    Owner shops Mag Mile office tower for residential uses
    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
    Alderman Walter Burnett, Bally's Soo Kim and Chicago mayor Lori Lightfoot (Getty Images, Burnett, Bally's, Wikimedia Commons, Illustration by Kevin Cifuentes for The Real Deal)
    Chicago’s casino selection goes to Bally’s, and these real estate players win out
    Chicago’s casino selection goes to Bally’s, and these real estate players win out
    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
    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
    arrow_forward_ios

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

    Loading...