Developer LG Group wants to add more than 600 apartment units to Fulton Market — along with a grocery store for a neighborhood that’s drawing a steady flow of new residents and businesses.
The roughly $300 million mixed-use development will go before the Chicago Plan Commission on Thursday, following a community meeting last month.
Chicago-based LG Group’s project at 170 N. May St. and 175 N. Racine Ave. calls for a 25-story tower and a 38-story tower, respectively.
The developer initially planned to build one tower, designed by Gensler, and was able to rezone the property in July 2021 for residential use. But high interest rates and construction costs led LG to create two towers, building them in phases, to make financing the project easier, according to Crain’s Chicago Business.
Plans submitted to the commission show a total of 667 units with ground-floor retail space at both buildings. It’s also proposing an alley connecting May Street and Racine Avenue for access to “residential and grocery store loading areas.”
Vice Mayor and 27th Ward Ald. Walter Burnett said he’s not sure if a grocer has been secured for the site, but “It’d be great for the area,” he said.
A new grocery store would help support the influx of residents moving to that area, Burnett said.
For most residents, the closest major grocer is the Whole Foods on North Halsted Street and Mariano’s, just south of Whole Foods. There’s also a Jewel-Osco on North Des Plaines Street, in the nearby Fulton River District.
The corridor surrounding LG’s development is booming. Nearby, Sterling Bay is building a 28-story mixed-use tower at 225 N. Elizabeth St., and last year, it opened the Dylan at 160 N. Morgan St. Chicago-based developer Fulton Street Cos. received approval to build more than 400 apartments at 1201-1215 W. Fulton St.
LG said in its presentation that at least 14 developments have been proposed, approved, are under construction or were recently built in the neighborhood.
Designed by bKL Architecture, the updated plans call for studios, one-bedroom, two-bedroom and three-bedroom units. Of the 667 units, 133 would be affordable at a weighted average of 60% of the area median income.
The development will have 509 parking spaces and 667 bicycle spaces, plans show. There will also be amenity and rooftop decks on each tower and private terraces.