Goodman Plans Apartment Towers Instead of Labs at Fulton Market

Mark Goodman is pivoting from life science to apartments in Fulton Market.

A venture led by Goodman plans to build a two-tower, 724-unit complex at 400 North Elizabeth Street, shifting from the 16-story lab building that received local approval in 2021, Crain’s reported.

Goodman struggled to secure funding for the proposed life-science project due to a tight lending climate, prompting the developer to hire CBRE to market the development site.

While Chicago’s reputation as a biotech and pharmaceutical hub rises, Goodman’s move is part of a broader trend. Other developers are capitalizing on Fulton Market’s status as an office and entertainment hub by proposing high-rise apartment projects. More than 2,000 apartment units are under construction in the West Loop, including Crescent Heights’ planned 52-story tower.

Goodman’s plan calls for two buildings rising 380 feet and 360 feet. Twenty percent of the units, totaling 145, will be designated as affordable housing.

City documents don’t clarify whether Goodman’s revised plans have attracted new investors. Goodman purchased the site for almost $16 million in early 2022, and he believes its current value exceeds $30 million.

A $20 million loan from Convexity Properties, which was scheduled to mature in October, is tied to the property. It is unclear whether the loan has been extended.

While Goodman has scrapped this life science project, Trammell Crow Company is full bore with its Fulton Labs life science campus. The Dallas-based firm is building 423,000-square-foot and 300,000-square-foot buildings that are expected to open next year.

Elsewhere in Chicago, Trammell Crow and Beacon Capital Partners are building Hyde Park Labs, a 302,000-square-foot life science facility near the intersection of 52nd Street and Harper Avenue. It’s expected to cost $225 million to build.