Fulton Market developer Jeff Shapack is planning a 316-unit residential tower in the district.
The 26-story project will be located at 1353 W. Fulton Street, according to Crain’s, citing plans filed with the City Council.
The building will be designed by Skidmore Owings & Merrill and rise 270 feet. It’s not clear if the building will consist of apartments or condominiums, and the project still needs Council approval.
Shapack — who leads Shapack Partners — purchased the 27,200-square-foot parcel for $8.5 million in August 2018, the report noted.
The project must comply with an affordable housing ordinance, which will require the project set aside at least 63 affordable units, Crain’s reported.
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Shapack helped build Fulton Market into the trendy district it is today, and has built or redeveloped numerous properties, including The Parker, a 29-story residential tower. He also developed the Hoxton Hotel, which opened with 182 rooms in 2019.
Traditionally an office and hotel hub, Fulton Market has weathered the pandemic better than most areas in Chicago. Now, JPMorgan Chase is reportedly looking to relocate around 1 million square feet of office space to four new developments in Fulton Market and the Loop.
[Crain’s] — Holden Walter-Warner