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 than a year ago when the City Council removed the ban on residential zoning in the area.
As of this past spring, the West Loop boasted more than 9,000 units that are either under construction or in the planning stages. At the time, that was more than all of Downtown Chicago’s other neighborhoods combined.
This latest project marks another swing away from the lodging market, too. Chicago’s been a bit slower in recovering from the pandemic than some other large cities. Earlier this year a hotel investor referred to the city’s hotel market as oversupplied.
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