Fulton Market Apartments, offices planned by developer Trammell Crow
According to the plan, Trammell Crow would raze a low-slung industrial property at 315 N. May St. along the southern edge of the block between May and Aberdeen streets and develop a building on the site with 650,000 square feet of office space and 15,000 square feet. retail and restaurant space. At 1112 W. Carroll Ave., along the north edge of the block would be the residential building, with 378 apartments, 96 parking spaces, and a retail or restaurant space on the ground floor overlooking an open space. along Aberdeen and Carroll, depending on demand.
Although the apartment building would have more floors, the office building would be much taller, at 410 feet compared to 359 feet for the residential development, according to plans.
Pending city council approval and funding for the Trammell Crow landing to build them, the projects would mark the company’s third and fourth major developments in a neighborhood that appears to have regained the momentum it had before. the COVID-19 pandemic.
Trammell Crow led Fulton Market’s charge in the rapidly growing life sciences industry, converting part of an office building at 1375 W. Fulton St. into a laboratory for pharmaceutical and biotechnology research and developing Fulton Labs, a 425,000 square foot life science center. – a building focused on opening early next year at 400 N. Aberdeen St., just north of the Carroll Avenue sites.
A spokeswoman for Dallas-based Trammell Crow declined to comment on the new proposal, but a source familiar with the plans said the office building would cater to both traditional office tenants and users of science-based science. life.
The project would strengthen the western half of Fulton Market as an emerging group of life science buildings. City and state officials have prioritized the development of these properties to help Chicago retain bioscience companies that started out at local universities but typically move to more mature life science markets. when they develop. In addition to other Trammell Crow projects, Chicago developer Mark Goodman is planning a 500,000 square foot life science lab building at 400 N. Elizabeth St.
Trammell Crow is also jumping on an increasingly crowded train of developers offering residential projects at Fulton Market north of Lake Street, a type of project that was banned until early this year as the city sought to encourage new developments in the region amid the pandemic.
This week, Chicago-based Fulton St. Cos submitted a zoning application to redevelop the Revel Fulton Market event space property on the 1200 block of Fulton Street with a 350-unit apartment building, while LG Development , based in Chicago, last month submitted plans for a 20-story, 179-unit apartment building along the north side of the lake between May and Racine streets. LG is also planning a residential project at 210 N. Aberdeen St. that would include nearly 400 additional apartments, while Fulton St. Cos. Is in the process of closing a deal to develop two more apartment buildings totaling nearly 600 units along on the north side of the 1200 block of Fulton Street.
To meet its affordable housing obligation for the residential project, Trammell Crow would include 38 affordable units in the new building and commit to developing 38 more units off-site, depending on the zoning request.
The residential building would be developed on what is now a Ryder truck rental land. The properties that Trammell Crow targets are owned by the businesses of Thomas Comforte, whose family has cashed in on several of his long-standing properties in the Fulton Market since the neighborhood began to transform into a corporate destination for Google and McDonald’s and a upscale restaurant center. and hotels.
For decades, the Comforte family ran the Climatemp heating and air conditioning business out of the May Street building before moving it to the western suburbs of Broadview. The family initially listed the May Street property in 2013 after Google announced the move of its Chicago office to the neighborhood.
Comforte declined to comment.