New 109-unit Mid-Rise Could be Coming to Fulton Market

Fulton Market could be getting a new 109-unit mid-rise apartment building if the city approves the developer’s zoning application.

A company tied to Chicago-based Range Group put in a zoning application to build a five-story apartment complex at a lot the firm is under contract to purchase from Sterling Bay, according to Crain’s. The lot at 113 West Kinzie Street spans 27,714 square feet, and is one of three properties that Chicago-based Sterling Bay is offloading that are set for residential redevelopment.

The proposal includes specifications to align the building with Fulton Market’s affordability requirements. 15 percent of the 109 units are set to be marketed at affordable rates, with the developer proposing a fee in lieu of the remaining 5 percent to bring the property in line with the city’s 20 percent affordable rate requirement. The price to redevelop the property was not disclosed, according to the outlet.

The former meatpacking district has shown strong resilience to the pandemic-era forces that devastated property values across Chicago’s downtown areas. Smaller residential projects have been popping up all over the district, made possible by a slowed large-scale project pipeline and a concentrated effort to juggle strain on infrastructure with historic preservation, making smaller-scale projects more enticing, according to the publication.

The only new development in Fulton Market with high-density skyscraper style zoning is a 29-story, 347-unit apartment complex being built by Domus.

Elsewhere in Fulton Market, LG Development Group locked in a $124.6 million three-year floating-rate loan from Pacific Life Insurance for its Arthur on Aberdeen high rise rather than sell. Just outside of the district, Sidley Austin is reportedly moving into 725 West Randolph Street when the 45-story tower is completed in 2030. In May, Tishman Speyer listed its apartment high-rise that’s 96 percent leased.

Average rents at the Tishman Speyer building are $3,133 per unit, and the 12,436-square-foot retail area is fully leased.

— Hunter Cooke