Developer Breaks Ground on Mixed-Use Tower in Fulton Market

News Summary

Vista Property and Skender Construction have commenced construction on a 32-story mixed-use tower at 370 N. Morgan St. in Chicago’s Fulton Market district. The project will feature 494 apartments, including 99 affordable housing units, and will include retail spaces aimed to support local businesses. With a total area of 539,000 square feet and a commitment to community development, the tower is expected to transform the area. Construction is anticipated to be completed by mid-2027, backed by significant financial investments.

Developer Breaks Ground on $200M Mixed-Use Tower in Chicago’s Fulton Market

Developer Vista Property and Skender Construction have officially broken ground on a monumental 32-story mixed-use multifamily tower located at 370 N. Morgan St. in the bustling Fulton Market area of Chicago. This development marks a significant milestone in the neighborhood’s ongoing evolution, with a construction budget that is projected to exceed $200 million.

Project Details

The new building will occupy a vast 539,000 square feet and is designed by Antunovich Associates. The tower will feature a total of 494 apartments, which will include 99 affordable units aimed at catering to a diverse community. In addition to residential spaces, the project will incorporate 5,000 square feet of ground-floor retail, enhancing the area’s commercial appeal.

Moreover, the development will provide essential parking facilities with 192 parking spaces available for residents and guests. This combination of housing and amenities is expected to make a lasting contribution to the thriving Fulton Market neighborhood.

Significance of the Development

Vista Property’s Chief Development Officer highlighted the firm’s commitment to Chicago and the Fulton Market area, noting that this project exemplifies their vision for urban living and community integration. This venture also stands out as the first major ground-up development in downtown Chicago to secure financing since December 2023. Alongside them, other developers like Shapack Partners and Related Midwest have been successful in obtaining loans for apartment towers within similar timeframes, signaling a building boom in the region.

Financing and Timeline

In terms of financing, Vista secured a robust funding package that includes a $151 million construction loan from CIBC and $22 million in preferred equity from PGIM Real Estate earlier this year. The loan’s details indicate that cost estimates from 2023 have likely increased due to ongoing construction price hikes, highlighting the financial challenges that developers face in today’s market.

Site demolition activities commenced in late 2024, resulting in the removal of the old single-story Fox Deluxe Foods building to pave the way for this ambitious project. The anticipated completion date for the mixed-use tower is set for the second quarter of 2027, which gives potential residents and businesses a timeframe to look forward to.

Community Aspects

As part of its design and community integration, the building is planned to feature over 45,000 square feet of tenant amenities spread across four floors. This will include shared spaces and recreational facilities aimed at enhancing the quality of life for residents. Observers can also expect to see a beautifully landscaped plaza at the intersection of Kinzie and Morgan, further contributing to the neighborhood’s aesthetic appeal.

With its prime location and comprehensive features, the 370 N. Morgan project is poised to become a centerpiece of development in Chicago. As the city continues its trajectory of growth and transformation, this tower not only represents a bold investment in urban living but also reflects a commitment to enhancing the community by blending residential and commercial spaces effectively.

Conclusion

As construction progresses, the mixed-use tower at 370 N. Morgan St. stands as a testament to Chicago’s vibrant real estate market, showcasing the potential for growth and development in urban areas. With increasing demand for multi-family housing and commercial spaces, projects like this are crucial in shaping the future of city living.

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Additional Resources

• Bisnow: Vista Property Breaks Ground on 32-Story Apartment Tower
• Wikipedia: Fulton Market
• YIMBY: Outer Shell Complete for 1325 West Fulton Sales Center
• Google Search: Chicago Fulton Market
• Crain’s Chicago Business: Fulton Market Apartment Tower Lands $173M Financing
• Google Scholar: Fulton Market Development
• CoStar: Coca-Cola to Expand Chicago Space in Fulton Market
• Encyclopedia Britannica: Fulton Market
• Chicago Sun-Times: Sterling Bay Pivots Fulton Market Office Tower
• Google News: Fulton Market Development