Large New Apartment Tower Slated For Fulton Market

Posted by Leo Clark. on Thursday, February 24th, 2022 at 12:50pm.

Fulton Market New Development Fulton Market could soon make way for a massive new apartment tower. If the plan goes through, it could become one of the largest residential complexes in Fulton Market.

The plan calls for a 32-story tower with 433 residential units on West Fulton Street. The developer behind the project is Fulton St Companies, which is working in conjunction with Chris Merrill, co-founder of Harrison Street Real Estate Capital.

The duo purchased the property at 1201-1215 West Fulton Street last fall for $20 million. Morris Adjmi Architects is the firm responsible for designing the new tower.

Fulton St Companies appears to be expanding from the West Loop, where the firm has seven properties with plans for six projects in all. Five of them are commercial developments, while the sixth project is a residential complex on West Randolph Street.

A few months ago, the same company put a building in Fulton Market up for sale. The building recently sold for more than $41 million, setting a new record in terms of price per-square-foot. Development in Fulton Market has really picked up in recent months, thanks to a recent change in local regulations.

Early last year, the Chicago Plan Commission lifted a ban on residential development in Fulton Market, opening up the opportunity for developers to move into the neighborhood. A local alderman also backed off on his objections, in exchange for the addition of more affordable units.

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