Crescent Heights pays $35M for Fulton Market development site

Miami-based developer Crescent Heights is adding another skyscraper to the rapidly growing Fulton Market District, although the firm is still working towards city zoning approval.

The firm’s Jason Buchberg confirmed it purchased the 1.7-acre site at 420 N. May St. last month for $34.5 million, and they’re planning to build a 600-foot-tall apartment tower at the site, reported CoStar. 

Pending approval, the 52-story, 587-unit building would be the tallest highrise in the neighborhood, which has seen many similar developments rise up in recent years. In fact, the Chicago neighborhood is exploding so much that Fulton Street Cos.’ Alex Najem pegged the neighborhood as its “own little city” back in 2020.

Crescent Heights is hoping to solidify details for the project by the end of the year, but it wouldn’t start construction for a couple of years.

“Our ultimate feeling is that this site sits in the path of growth,” Buchberg told the outlet. “As it fills in, we feel like we’re in a really good position to have momentum for our project.”

The seller of the 420 N. May property was an affiliate of Chicago-based MCZ Development, which bought the site for $15.25 million in January. Crescent Heights hopes to preserve the base of the existing building as part of the design strategy led by Hartshorne Plunkard Architecture.

There are several other Fulton Market projects in the works. Loukas Development recently announced plans to build a 530-foot-tall building with 593 units at 1300 W. Lake St. Related Midwest is nearing completion of The Row Fulton Market, a 495-foot-tall luxury apartment set to be the tallest structure in the neighborhood, for now.

Crescent Heights is currently building another apartment complex with 413 units at 640 W. Washington Blvd. about a mile southeast of the $34.5 million development. 

— Quinn Donoghue

This story has been updated.