FULTON MARKET — Prominent West Loop developer Sterling Bay is the latest developer looking to capitalize on new rules allowing residential projects north of Lake Street in Fulton Market.
Sterling Bay proposed a 25-story tower with 350 apartment units and ground-floor retail at 1245 W. Fulton Market St.
The building would include mostly studios and one-bedrooms, with a few two-bedroom apartments. The 314-foot tower, designed by Hartshorne Plunkard Architecture, includes an amenity floor with a pool and a pet run. The complex would have 92 parking spaces and 199 bicycle parking stalls.
Jacob Gay, of Hartshorne Plunkard Architecture, said the design uses brick, masonry and glass, playing off of the industrial history of the former food distribution facilities.
At a Wednesday community meeting, Ald. Walter Burnett Jr. (27th) said the city’s Department of Planning and Development has not come to an agreement with the developer on affordable housing, which could “hinder” the project.
Sterling Bay would include 70 affordable units, meeting the city’s minimum requirement of 20 percent affordability. But only half of the units would be on-site, said Fred Krol, senior counsel at Sterling Bay.
Recent nearby building proposals, including three with more than 1,000 combined units, have all of the affordable units on site.
Burnett said the city’s Planning Department also was concerned there isn’t enough parking.
During the meeting, some residents said they were worried about the added traffic this tower and the other recently approved projects could create. Others said the surge of ride shares would add to the traffic “nightmare” in the area.
Carla Agostinelli, executive director of the West Loop Community Organization, said it is incumbent on the developer to come up with a solution to address traffic and pedestrian safety as development continues to boom in the neighborhood.
The project will need support from Burnett and community groups before advancing to the Plan Commission.
If approved by City Council, the developer looks to break ground in 2022.
Sterling Bay plans to pay $1.79 million into the neighborhood opportunity fund for added density.
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