UPDATED, April 22, 2022, 4:56 p.m.: Fulton Market developer Jeff Shapack’s plans for a 40-story, mixed-use tower in Chicago’s Fulton Market neighborhood, the former meatpacking district he pioneered, will face review Thursday by the city’s Plan Commission.
Shapack and CRG, a Clayco subsidiary, are making the proposal for the project at 170 North Green Street in the 27th Ward, Block Club Chicago reported.
The developers plan to demolish the former Bridgford Foods plant on the site and replace it with a 465-foot tower with 275 residential units, 150 hotel rooms and office space above about 37,000 square feet of new retail space on the first two floors. It will also have a 5,900-square-foot rooftop deck, a 4,000-square-foot terrace deck and 235 parking spaces, a good bit more than is required by the city.
Hotel Tower (CRG)
Older plans for the project included a more complex design for the front facade that included a bridge that would have hung over a “mews” public plaza facing Green Street, but the development team chose to simplify the design after receiving feedback from the Chicago Department of Planning and Development.
As part of the city’s Affordable Requirements Ordinance, the developers will rent 20 percent of the total units at reduced rates. The 55 units will range in size with 14 studios, 23 one-bedrooms and 18 two-bedrooms.
The total cost of the high-rise is expected to be $209 million, including paying about $6.5 million to the city’s Neighborhood Opportunity Fund for the density bonus.
Shapack Partners has more than 425,000 square feet of land developed or under development in Fulton Market, according to its website.
The commission is also set to review plans for apartment complexes in Edgewater and Logan Square.
The proposed complexes will rise in the 26th and 48th wards if approved. Developers Latin United Community Housing and Evergreen Real Estate Group want to build up to 187 units on an almost 4-acre lot at the intersection of Hamlin Avenue and Cortland Street. The “Encuentro Square” development’s funding will come from a mix of sources, including $22.5 million in low-income housing tax credits, a $9 million tax-increment financing, $1.6 million in donation tax credits, $415,000 in grants, $5.1 million in low-interest loans and a private mortgage of $7.1 million.
The second proposed apartment complex is a five-story building with 50 residential units. Tempus Group Holding plans to replace the former Wing Hoe restaurant at 5356 North Broadway with the new apartment complex.
Read more
Residential
Chicago
Mavrek Development plans 21-story highrise apartment building for Streeterville
[BCC] — Victoria Pruitt
UPDATED: Adds name of Clayco subsidiary, CRG, in headline and second paragraph.