A pair of Chicago developers want to replace a vacant lot in Fulton Market’s innovation district with a new mixed-use tower, after previous plans fell through.
Parq Development and Luxury Living plan to build an 18-story tower that offers more housing than the site’s previous proposal by developer Newcastle Investors. Parq Development is led by Darren Sloniger, former president of Naperville-based Marquette Cos.
Sloniger was not immediately available for comment.
If approved, Parq and Luxury Living’s project will be the latest development in Fulton Market. A zoning application filed with the city last month outlines plans for 268 units — more than Newcastle’s planned 204 residences — with 54 affordable units on site, with rents at a weighted average of 60% of the area median income. Residents would have access to a roof deck, and parking would be on the second floor, with space for 30 cars and up to 238 bikes. There will also be ground floor commercial space.
It comes after the previous developer, Newcastle Investors, received city approval in 2022 to build a 30-story high-rise on the site, at 210 N. Morgan St. It’s unclear why Newcastle is no longer developing the project. New zoning applications from Parq and Luxury Living say they took over the title in December 2017.
The project is closer to the center of Fulton Market, where McDonald’s is headquartered near Randolph and Carpenter streets. Google also has a sizable office nearby off Fulton and Morgan streets.
The new tower, clad in masonry and metal paneling, will rise about 260 feet. It’s designed by architecture firm ParkFowler Plus. With a shorter height but more units, it’s a more dense development than Newcastle and has less parking on site.
The project is adjacent to the Morgan Street L station. The application notes the site is currently vacant and unimproved.
The developers will need the approval of the Chicago Plan Commission, though their proposal isn’t on the department’s October meeting agenda.
It’d be a welcome addition for Fulton Market, as the lack of new construction continues to push rents upward in Chicago.
Commercial real estate firm Northmarq said in its second quarter multifamily report that Chicago led the Midwest region in year-over-year rent growth, with rents up an average of 4%. Rents sat at an average of $2,017 per month in the second quarter, compared to $1,848 for the same period last year.
The report also said 2,000 new apartments have been built this year through the second quarter, down 61% from the same period last year.