Originally planned as a hotel, a new Fulton Market project has now pivoted to an all-residential project. Located at 1234 West Randolph Street, the planned glass and metal tower will eventually rise 42 stories above the surrounding neighborhood.
The new tower is expected to offer 400 rental units when its finished, some of which will be designated as affordable housing. The proposed project sits at North Racine Avenue and West Randolph Street. It still needs approval from the Zoning Committee and Plan Commission, along with the City Council.
The planned tower is simply the latest project in an apartment boom that’s currently happening in the West Loop, and more specifically in Fulton Market where housing remains in demand. Development really took off more
Chicago Real Estate News & Neighborhood Notes
WeWork Entering Residential Market With Uptown Project
Following a successful shakeup of the office market with its coworking space, WeWork is now ready to turn the tables on the residential market in Uptown. WeWork’s next focus involves taking on multifamily apartment buildings.
The company recently worked out a deal with a Chicago developer to operate a two-story coworking space in the developer’s multifamily project on North Broadway. WeWork will be running the coworking space for those living in the Bridgeview Bank building.
The former office building is currently in the process of being turned into apartments. The location marks WeWork’s 12th space in Chicago.
In all, there will be 60 private offices to utilize, more than 170 desks and some kitchen space. Some of the space will be reserved for those who
Rent Prices in Chicago Are Spiking SIGNIFICANTLY More Than Mortgage Rates
Thinking about buying but worried about rising mortgage rates? Well, rents are also on the rise in Chicago, where some landlords have recently hiked rates of up to 20-percent. At a time when tenants are finding apartments harder to come by and even less affordable, landlords are using higher rents to help compensate for some of their lost revenue from the pandemic. Some are also trying to combat their own higher repair and operating costs, due to rising inflation.
That has some residents turning to tenant rights organizations, which are calling for better rent control. On the flip side, others argue rent control isn’t the answer because it will drive out some landlords and lead to a greater number of poorly maintained properties.
Right now, many
…Top Companies To Work For in Chicago’s Fulton Market Neighborhood
Chicago’s Fulton Market is red hot right now and some top companies have taken notice, which is why it's now considered one of the city's most bustling tech and business corridors. In fact, here's a closer look at just some of the companies that now call Fulton Market home.
Tock LLC
Tock LLC is a reservation, table management and guest system for restaurants that’s headquartered in Chicago’s West Loop neighborhood. In less than ten years, the company’s launched its services in more than 100 cities around the world. Some of Tock’s recent job openings in Chicago have been in the engineering and sales fields.
View this post on InstagramGoogle Chicago
…Introducing Some of Chicago’s Hottest New Restaurants
If you’re looking for a great place to grab a bite to eat in Chicago, you certainly don’t have to venture far. There are some tasty options out there, serving up everything from fried chicken and pastries to fine cuisine.
Kasama - Ukrainian Village
It hasn’t been open for long, but Kasama in Ukrainian Village is already known for its long lines. This crowd-pleasing restaurant serves up a daytime menu and pastries during select hours on Wednesdays through Sundays. On Thursday through Sunday evenings, the hot spot opens for what it calls its 13-course, Filipino-inspired tasting menu. Eater.com recently ranked Kasama one of “The 11 Best New Restaurants in America”. It’s also deemed the world’s only Michelin-starred, Filipino restaurant.
…Developer Behind 4 Projects and Nearly 1,000 New Apartments in West Loop
While Fulton Market remains a hot target for developers, one developer is credited with nearly 1,000 expected new apartments on the western edge of the West Loop. Darren Sloniger splits his time between being a minister in Elgin and helping transform the landscape of a part of Chicago he refers to as Fulton West.
As a partner at Marquette Cos. In Naperville, Sloniger is helping to develop the area with four new apartment buildings. The first one opened on Ada Street in 2019.
The Mason contains around 260-apartments. Last spring, Sloniger’s firm opened Parq Fulton at the corner of Ogden Avenue and Randolph Street in Fulton Market.
The final apartment project is expected to open late next year on Ashland Avenue. When all is said and done, it’s expected the
Fulton Market Redevelopment Poised to Push West
Redevelopment in the Fulton Market neighborhood could be in line to push even farther west in the future. That’s thanks, in part, to developer Darren Sloniger.
He’s in the process of developing four residential projects on the western edge of the West Loop. Altogether, the projects aim to bring in nearly 1,000 new apartments.
Sloniger’s a partner at Marquette Cos., which opened the Mason a few years ago on Ada Street. That apartment building contains more than 260-units. The newest building is scheduled to open late next year on Ashland Avenue.
All of Marquette’s buildings are in the area of Union Park and the Ashland Avenue station. Marquette is using mostly new construction but is also making use of some small existing buildings in the neighborhood.
Each
Inside Chicago's New Optima Lakeview Apartment Building
As one of the newest mixed-use buildings to open in Lakeview East, Optima Lakeview offers a prime location and plenty of desirable features. The former site of a grocery store and parking lot has recently been transformed into retail space and nearly 200 apartment homes.
The rentals at Optima Lakeview range from one- to three-bedroom floorplans. Depending on the floorplan chosen, buyers may find such desirable features as kitchen islands with extended space for seating, plus flat panel cabinetry and upgraded countertops.
Many of the units are extremely open in their design, with walls of windows and even some private terraces with some of the apartments for enjoying indoor/outdoor living and entertaining space. The property additionally offers an indoor
Billionaire Exec Buys Another Neighboring Lakefront Lot in Winnetka
A billionaire private equity exec just purchased another lakefront lot in the Chicago area in a deal that could throw a wrench in plans for a public beach. The Winnetka Park District wants to create a 1,000-foot beach, but that’s contingent on property owner Justin Ishbia giving them a residential property he owns between two parks, in exchange for some of the parkland that sits closest to his own land.
Previously, Ishbia had requested some privacy between the public beach and the beach just below his home. Last spring some area residents opposed a deal to give Ishbia’s property that additional privacy.
Flashforward to this past June, and the exec paid $16 million for another acre of land and a 10,000 square foot home that sits next door to his existing
Fulton Market Building Owner Hopes to Cash-In While Area Construction Boom Rolls On
As developers and investors set their sights on Fulton Market, at least one building owner is hoping to cash-in. A single-story property at 941-945 W Lake Street just went on the market.
While there’s no official list price, some expect the building could get bids close to $15 million. The existing owner, also a real estate investor, paid just $2.3 million for the same property 10 years ago.
Of course, that was about six months before Google announced it was moving in. That announcement helped boost property values in the neighborhood to some of the highest in the city, as new trendy restaurants and hotels moved in.
The property is right at the heart of Fulton Market and is considered to be one of just a handful of remaining redevelopment sites. It is