FULTON MARKET — Chicago developer Fulton St. Companies detailed plans for a 34-story tower Wednesday night, the first residential project proposed north of Lake Street since a ban on housing in Fulton Market was lifted earlier this year.
During a community meeting, the development team unveiled renderings to neighbors for a 414-foot-tall tower at 1201 W. Fulton Market St.
The building would have 433 apartments, with studio, one-, two- and three-bedroom units, developers told residents. The site currently houses the Revel Fulton Market event space.
For the 86 affordable units required by the city, the developer plans to include 10 percent affordable onsite and 10 percent affordable offsite.
The Morris Adjmi Architects-designed building is slated to have 80 below-grade parking spaces and more than 200 bicycle parking spaces as a transit-oriented development.
Tenants would have access to an amenity space on the sixth floor, which would include a rooftop pool.
“We feel like the occupants of the building are going to be relying on public transportation and the proximity to all the commercial program in the Fulton Market area and West Loop. So a lot of walking and biking to work, as well,” a member of the development team said.
The ground floor has retail space and an outdoor plaza envisioned for events throughout the year.
During the meeting, residents raised concerns about the building’s height and lack of parking.
Fulton St. Companies co-founder Alex Najem said most tenants would not need cars because they will work at nearby offices.
“Most people that work in this neighborhood, living in this neighborhood, will no longer need a car. They will no longer need to pay for parking, no longer need to pay for … insurance, or the occasional $75 parking ticket in Chicago,” Najem said.
In the Zoom chat, one resident was unsatisfied, saying 80 parking spots were insufficient for a 433-unit building.
One resident also called for the developer to create a project catering to ownership rather than rentals.
In addressing concerns about traffic, Ald. Walter Burnett (27th) said he is working with the Department of Transportation to consider making Racine Avenue and other streets in Fulton Market one-way streets to alleviate congestion on narrow Fulton Market streets.
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Burnett 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 veteran alderman is waiting on community feedback and decisions from community groups before saying whether he backs the proposal.
If approved, the project would begin in fall 2022 and take 18-20 months to complete.
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