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
Construction has officially commenced on a significant new development in Chicago’s Fulton Market. Developer Vista Property and construction firm Skender Construction have begun the groundwork for a 32-story mixed-use multifamily tower that will rise at 370 N. Morgan St. This ambitious project is poised to contribute substantially to the city’s landscape and housing market.
The new tower is set to cover an impressive 539,000 square feet and will house a total of 494 apartments, which includes 99 affordable units aimed at addressing the city’s housing needs. Along with residential units, the mixed-use design also incorporates 5,000 square feet of retail space on the ground floor, creating a vibrant environment for residents and visitors alike.
Parking and Amenities
The project will provide 192 parking spaces to accommodate residents and retail customers. Additionally, the tower promises to offer an extensive array of amenities for tenants, with over 45,000 square feet dedicated across four floors. These amenities are expected to enhance the living experience, providing residents with convenient access to a variety of on-site features.
Design and Community Commitment
The architectural design of the building is crafted by Antunovich Associates, renowned for their innovative and functional designs. Vista Property has expressed a strong commitment to enhancing the Fulton Market neighborhood and contributing positively to the city of Chicago. The development aims not only to provide housing but also to stimulate economic activity and community engagement in the area.
Timeline and Financing
The project’s timeline reflects a forward-thinking approach, with completion anticipated in the second quarter of 2027. Site demolition has already begun, having commenced in late 2024 with the removal of the old Fox Deluxe Foods building, making way for the new structure. Financing for this major development has been successfully secured, with Vista Property obtaining a $151 million construction loan from CIBC, along with $22 million in preferred equity from PGIM Real Estate in late May.
This initiative is noteworthy as it marks the first major ground-up development in downtown Chicago to secure construction financing since December 2023, signaling a potential resurgence in the city’s development activities. In a similar vein, other developers like Shapack Partners and Related Midwest have also procured loans for their apartment towers within the same timeframe.
Investment and Economic Impact
While the estimated total cost of the 370 N. Morgan project has not been publicly disclosed, it is expected to exceed $200 million. The project’s financing suggests that construction costs may have risen since 2023, likely due to ongoing fluctuations in the market. This trend could indicate a broader trend of increasing costs affecting future developments in the Chicago area.
Vista Property is known for its presence not only in Chicago and its suburbs but also for its investments in locations like London and North Carolina. The firm’s commitment to Chicago is evident through this significant project, which is set to reshape the Fulton Market landscape and improve the community’s livability.
Future Outlook
As the construction of this mixed-use tower progresses, residents and stakeholders alike are watching closely. The addition of this new development promises to enhance the Fulton Market area, contributing to its growth and vibrant community atmosphere. The upcoming tower is a testament to Chicago’s continuing evolution as a bustling urban hub, and its development will likely spur further investments and improvements in the surrounding region.
Deeper Dive: News & Info About This Topic
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
Author: Construction CA News
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