A big Fulton Market developer plans to build more than 2,000 apartments and a hotel next to Chicago’s forthcoming $1.7 billion Bally’s casino.
Shapack Partners is filing a zoning application to develop a 1,110-unit apartment building along Grand Avenue, between Desplaines Street and Union Avenue that a Shapack venture bought for $25 million last month, Crain’s reported. The development will rise 600 feet.
The plans also call for the redevelopment of a six-story building at 509 Union Avenue into a 141-unit hotel. The apartment building will be built along Desplaines, where buildings would be demolished to make way for a denser tower.
Shapack also filed a separate zoning application to redevelop three sites near the intersection of Milwaukee and Union avenues and Hubbard Street. The plans for that development call for three buildings with a total of 1,159 residential units, as well as ground-floor retail space and some offices.
The proposals, which will require city council approval, are among a wave of apartment projects near the Chicago Tribune’s Freedom Center. The council already approved Onni Group’s plan to build about 2,700 apartments on the southern end of Goose Island, just north of the casino site.
Shapack is best known for developing high-profile office, hotel and apartment buildings in Fulton Market, including the Soho House hotel and private club, the Parker Fulton Market apartment building and a 750,000-square-foot office building at 167 North Green Street.
The hotel near the casino would be developed before the apartments, similar to how Shapack built Soho House to generate foot traffic in the neighborhood, the outlet reported, citing a person familiar with the company’s plans.
The proposals include a total of 454 affordable units, in compliance with the city ordinance.
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