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Commercial
Chicago

Sterling Bay, Ascentris team up again in Fulton Market

Development site sold by Andy Gloor’s firm for $14.8M, lands $92M loan

From left: Ascentris' Gabe L. Finke and Sterling Bay's Andy Gloor along with 225 North Elizabeth in Fulton Market (Ascentris, Sterling Bay)
From left: Ascentris' Gabe L. Finke and Sterling Bay's Andy Gloor along with 225 North Elizabeth in Fulton Market (Ascentris, Sterling Bay)

UPDATED, 1:45 PM CT, Sept. 6:
Andy Gloor’s Sterling Bay is moving another Fulton Market mixed-use development forward.

The firm sold the vacant land at 1245 West Fulton Market Street and 225 North Elizabeth Street to an LLC that shares an address with Denver-based Ascentris for nearly $15 million, public records show.

In 2013, Sterling Bay bought the parcels that make up the entire empty corner of Fulton Market and Elizabeth in two deals struck for about $4.6 million total.

This latest deal underscores the neighborhood’s explosion of property values over the past decade as Fulton Market has become Chicago’s hottest office district.

Last year, Sterling Bay unveiled a plan to build about 10,000 square feet of ground-floor retail space and a 28-story building with 350 apartments on the site, with about 70 to 80 percent of them designed as studio, convertible and one-bedroom units with the remaining apartments as two-bedrooms. It would also include 92 car parking spaces and 199 bike parking spaces. Sterling Bay said the joint venture with Ascentris on the $156 million project is being financed by a $92 million construction loan from Citizens Bank and is slated to break ground this month.

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Ascentris didn’t return a request for comment at press time.

Earlier this year, Ascentris, led by CEO Gabe L. Finke, announced another Fulton Market partnership with Sterling Bay at 160 North Morgan Street. The property moved from an LLC sharing an address with Sterling Bay to one in care of Ascentris for $8.5 million. The joint venture is using that parcel to build a 30-story tower containing 254 market rate apartments, 28 affordable units, 89 parking spaces and 2,600 rentable square feet of ground-floor retail, plus a rooftop pool.

Sterling Bay is among Chicago’s most active developers, and has built the cornerstones of Fulton Market, including Google’s Midwest headquarters known as 1KFulton. One of its biggest deals this year was when Ken Griffin’s Citadel tapped the firm to build its relocated headquarters in Miami’s increasingly popular Brickell Bay neighborhood.

A previous version of this story did not include the project cost and loan amount, which was provided by a Sterling Bay spokesperson.

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