Newcastle Limited is poised to deliver the next high-rise in the Fulton Market District, adding to the area’s development bonanza.
A demolition permit has been issued for the site at 210 North Morgan Street, which will clear the way for the Chicago-based developer’s planned 33-story, 204-unit multifamily rental project, Urbanize reported.
The one-story masonry building on the property will be razed, while the various electrical poles will be buried.
The project is slated for a mix of 59 studios, 18 convertibles, 95 one-bedroom units and 33 two-bedrooms. It will also include 4,000 square feet of ground-floor retail space, 50 parking spaces and 118 bike spaces. Hartshorne Plunkard Architecture is the designer.
Of the 204 units, 20 percent will be reserved for renters whose earnings are within 60 percent of the area median income, adhering to Chicago’s affordable housing ordinance. The 41 affordable units will consist of 16 studios, 20 one-bedrooms and a handful of two-bedrooms.
The development has been a long time coming for Newcastle, which acquired the site for $4.5 million in 2016 and first revealed its plans in 2021. While it’s Newcatle’s first development in Fulton Market, the firm has recently delivered a pair of projects in Gold Coast — a 12-story mixed-use building at 1210 North State Parkway and a 35-story apartment tower at 845 North State Street.
Newcastle hoped to begin construction this summer, with the expectation it would be completed in 18 months, according to the outlet. But new construction permits have yet to be filed, so the project’s timeline is unclear.
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Fulton Market, historically known for its industrial roots, has undergone a significant transformation, and developers continue to flock to this trendy part of the city.
In September, Sterling Bay proposed a 29-story, 10,400-square-foot apartment high-rise at 370 North Carpenter Street. And earlier this year, Vista Property Group received approval to build a three-tower development on North Morgan Street, totalling 1,450 units and costing an estimated $448 million.
—Quinn Donoghue