Condos, A Metra Station, and More: 5 Projects on Deck for Fulton Market
Fulton Market is a smaller neighborhood within the borders of the West Loop, but this formerly industrial pocket has had a meteoric rise to the top of developers’ desirable areas list. Companies are setting up headquarters in Fulton Market and residential towers are popping up to accommodate demand. If you’re curious, this hotspot has a median home sale price of $545,000, according to Neighborhoods.com data, which reflects its status as one of the city’s trendier communities. While people are clamoring to move to the neighborhood, it continues to change with more proposed and in-the-works projects.
People hoping to snag a home in Fulton Market will be pleased to hear a new condo project has been proposed for 170 N. Peoria St., according to Curbed Chicago. The condo tower, proposed by Related Midwest and Tucker Development, took a height reduction from 43 stories to 36, but it will still offer the highest view in the neighborhood. Following the height drop, the West Central Association Chamber of Commerce has given its approval for the project. Though the tallest building in the neighborhood, the organization does think this tower would usher in a slew of other skyscrapers.
“This is not the opening of the flood gates for taller buildings. We felt this development was a unique case due to the density it amassed from its surrounding buildings plus its location in a place where the city fully supports higher DX zoning designations,” Armando Chacon, president of the West Central Association, told Curbed Chicago.
The project will still need to secure aldermanic approval before moving forward.
Bricks and Mortar for Google
Google is expanding its Fulton Market office, but the technology company is also planning to open a brick-and-mortar retail store in the neighborhood, according to Crain’s Chicago Business. The retail spot, to be located at 843-851 W. Randolph St., would be the company’s first. Right now, the tech giant employs approximately 900 people in the neighborhood, according to Crain’s.
A Craft Brewery
Craft breweries have long been popular in Chicago, but craft distilleries are starting to gain more traction. Now, the city is getting a new business that does gin and whiskey. Bling Pig Distilling is planning to open a distillery in a former truck rental facility located at 838 W. Kinzie St., according to the Chicago Tribune. The brewery and distillery comes from Marc Bushala, the same entrepreneur behind Angel’s Envy Bourbon. The business plans to partner with a craft brewery, which would be housed in the same building. The Chicago Plan Commission has approved the project, according to Block Club Chicago.
More of Fulton Market’s industrial roots are being repurposed. Developer Sterling Bay is likely set to buy a wheat mill in the neighborhood for $25 million, according to the Chicago Tribune. The developer would likely demolish the buildings and silos on the 2.2-acre property with an eye to bring a Metra station to Fulton Market, according to the report. How much that project would cost has yet to be revealed, but Ald. Walter Burnett (27th Ward) supports the project.
“We have a lot more employees in the area. It would give people more transportation options, and it would relieve traffic and parking. Whatever I can do to help make it happen, I’m willing to do it,” Burnett told the Tribune.
Metra has also expressed interest in seeing a station there. “We agreed a new Metra station in this area could contribute additional transportation options to Chicago-area workers without adding to the existing traffic and congestion on Chicago’s streets and expressways,” Metra spokesperson Michael Gillis told the Tribune.
A Mixed-Use Office Tower
In addition to the new distillery, the Chicago Plan Commission has approved a 13-story mixed-use tower in the neighborhood, Block Club Chicago reports. The tower will feature 315,300 square feet of office space and 116 parking spots, as well as retail space on the first floor, according to the report. The office building at 1375 W. Fulton Market comes with a caveat. Some of the 15,000 square feet of retail space will need to be rented below market rate, according to the Chicago Sun-Times. This mandate could help keep local businesses in the increasingly popular Fulton Market neighborhood.