Chicago Developer Goes for Third Round of $3 Million Condos

The North Shore’s priciest condo builder isn’t slowing down. After selling out two Highland Park projects with record-setting penthouses, Fulton Developers is preparing to start construction on a third.

Mark Muller, principal of Fulton Developers, said the firm is seeking final City Council approval for its next project, the Walton, which would feature at least three penthouses priced above $3.7 million, Crain’s reported.

That’s the same range where Fulton has already closed six units — three at Park Sheridan and three more under contract half a mile away at the Wolbright. Rising construction costs could push prices closer to $4 million, Muller told the outlet, though he doesn’t believe it would surpass that.

Those figures put Highland Park condos in rarefied company, even compared with Chicago’s top neighborhoods. Only a handful of Gold Coast and Lincoln Park units have sold between $3.7 million and $4 million in the past year, and Fulton’s sales now rival those.

The firm’s $3.7 million Park Sheridan closings outpaced nearly all single-family sales in Highland Park during the same period.

The five-story Walton, to be located at the 1600 block of Second Street, was approved conditionally by the city council earlier this month, and would rise across from the under-construction Wolbright.

The site currently holds two houses and a 10-unit resi building. Its redevelopment would continue the corridor’s shift from small-scale residences to luxury condos. The council asked Fulton to refine plans for on-site green space before granting final sign-off.

When complete, the Walton will have 19 units, including multimillion-dollar penthouses and several others expected to top $1 million. Two units will be designated as affordable housing. Fulton aims to start construction in spring 2026.

The project marks the developer’s seventh in Highland Park and extends a high-end experiment that’s found surprising traction outside Chicago.

Muller told Crain’s last year that many affluent North Shore buyers now prefer local luxury condos over city penthouses, citing concerns about crime and convenience. While other suburbs have struggled to land similar projects, he said Highland Park’s walkable downtown and quiet side streets have made it the right fit for “a penthouse lifestyle without the city.”

— Eric Weilbacher