FULTON MARKET — Neighbors can get a first look this week at one of the earliest projects trying to take advantage of housing developments being allowed north of Lake Street in Fulton Market.
Chicago developer Fulton St. Companies wants to bring 433 apartments to 1201 W. Fulton Market St., according to a zoning application filed with the city. The site currently houses the Revel Fulton Market event space.
Company leaders will share their plans for the 32-story high-rise during a virtual community meeting 6 p.m. Wednesday. The meeting will be hosted by Ald. Walter Burnett Jr. (27th) and the West Loop Community Organization. Residents can watch the meeting here.
The 381-foot-tall building would feature studio to three-bedroom units, 84 parking spaces and 13,100 square feet of ground-floor retail space, according to the development team. It would include 20 percent affordable units, according to the development team.
Burnett had previously blocked residential projects north of Lake Street, but he dropped his opposition last year. He said he wanted to open that portion of Fulton Market to residential development to try to kickstart the economy during and after the pandemic.
The development team decided to pursue a residential project once the opportunity presented itself to add to the “work, live” spirit of the neighborhood, Ross Babel, co-founder of Fulton St. Companies, previously told Block Club.
The development is a joint venture with Chris Merrill, of Chicago-based real estate investment firm Harrison Street Real Estate Capital, according to Crain’s, which first reported on the project. New York-based Morris Adjmi Architects designed the building.
The stretch of Racine has sparked recent interest among developers. Last year, Sterling Bay received approval for a 14-story office building at Carroll Avenue. Ryan Companies and partner IBT Group has pitched two office towers, 18 and 14 stories tall, at 1200 W. Fulton Market.
Nearby, LG Development has opted to change its plan for the corner of Racine Avenue and Lake Street. Instead of a previously approved office building, the developer is looking to build a 20-story apartment building with 5,000 square feet of ground-floor retail at 1150 W. Lake St., according to a zoning application.
The proposed building would have 179 apartments and be about 222 feet tall, according to the paperwork filed with the city.
The development would need to go through the city’s planning and development and housing departments and be presented at a community meeting before Burnett takes a position on the proposal.
“We are taking it a step at a time,” Burnett previously told Block Club.
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