Trammell Crow Company stands among the few developers with multifamily projects underway in Fulton Market, signaling that rents could be on the rise as new supply dwindles in the West Loop neighborhood.
The Dallas-based firm’s residential subsidiary, High Street Residential, is chugging along with its 34-story, 368-unit apartment tower at 1114 West Carroll, with leasing expected to commence this summer, the Chicago Tribune reported.
It’s one of two apartment projects under construction in Fulton Market, joining the 308-unit tower at 220 North Ada Street. That project, spearheaded by a venture of Shapack Partners, CRG and KMW Communities, started construction earlier this year.
Trammell Crow’s tower, called Flora Apartments, will be part of its growing Fulton Park Campus, which features two life science facilities, totaling 750,000 square feet, with one more in the pipeline. The firm plans to develop two additional buildings, although it’s unclear how that 800,000 square feet of combined space will be used.
The campus will be centered around a 35,000-square-foot public park, the first in the neighborhood.
Trammell Crow secured a $125 million construction loan from Otera Capital for Flora Apartments, just before interest rates spiked and stymied development activity across the city.
“We think we are well positioned for success because we got the project out of the ground when we did,” Trammell Crow principal John Carlson told the outlet.
With just 900 downtown apartment units projected for delivery in 2025, the scarcity of available units in Fulton Market is expected to drive high demand, said Ron DeVries, senior managing director of Integra Realty Resources.
Moreover, Trammell Crow aims to fill a glaring void in Fulton Market with its campus. In response to local residents’ frustrations over a lack of green space amid frenzied high-rise development, the firm is set to open its public park this fall. It will accommodate events like farmers markets, concerts and fairs.
“It’s a theme we’ve heard for quite some time,” Carlson said. “We want to take down the construction fences and invite the public in.”
—Quinn Donoghue
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