Domus Group Wants Apartment Tower in Chicago’s Fulton Market

Real estate professionals and Fulton Market residents are questioning whether a proposed 30-story apartment tower will usher in a new level of high-density development in the former warehouse district.

Currently defined by mostly three story brick warehouses converted for office and retail, Fulton Market has drawn attention from highrise apartment developers in recent years.

While it’s not uncommon to see a tower crop up in the buzzy neighborhood, a recent proposal from Domus Real Estate Group would require the city’s most intense level of zoning. And neighbors question whether that will set a precedent in the neighborhood.

“The zoning is quite a bit higher than anything we’ve seen,” said Armando Chacon, a member of the West Central Association at a June 4 community meeting about the tower. “I like the building, but the angst that I have is what this could mean for the future.”

The neighborhood association has not yet taken a stance on the project.

Domus Group is asking for a zoning change that would allow for a significantly higher floor-to-area ratio than is currently allowed on the roughly 13,000-square-foot lot at 215 North Racine. Floor-to-area ratio limits the square footage of a building based on the size of the lot. This lot’s floor-to-area ratio allows square footage six times the size of the lot (78,000 square feet) which means the property can have some height but not tower over the neighborhood.

If the developers’ requested zoning change and density bonus are granted by the city, the floor-area-ratio would increase to about 24 times the size of the lot (312,000 square feet) allowing Domus to build its proposed 30-story, 347-unit tower.

The request caught the eye of nearby residents and real estate professionals who wonder if it will embolden other developers to maximize their floor-to-area ratios and essentially build downtown-style skyscrapers in the predominately low-slung, warehouse-style neighborhood.

The project, which is estimated to cost $149 million, is hardly the only high rise in the works in the area.

About 1,400 apartments were recently completed or under construction in Fulton Market late last year, according to Integra Realty Resources.

Nearby, Fulton Street Companies and Onni Group, swapped office plans for residential projects as remote work cuts into office demand and apartment rents climb.

Similarly, Domus Group initially proposed a boutique office building for the property at 215 North Racine before pivoting to a multifamily tower proposal.

Its project includes a glass-and-metal design, 88 parking spaces, an amenity deck, and 1,100 square feet of ground-floor retail. It would include 70 affordable units, or 20 percent of the total, in line with a city ordinance.

The building needs a higher ratio than the typical development in the area because it is on a relatively small lot, Domus Group’s Steven Ciaccio said at the community meeting.

“It goes back to what’s required to make the site work financially,” he said.

The request will head to the city’s zoning commission at the end of the month. So far, it’s unclear if it has the necessary political support to get approved.

Alderman Walter Burnett Jr. said he will take input from neighborhood groups and the department of planning.