The multifamily boom in Fulton Market is showing no signs of slowing, and Range Group is joining the party.
An affiliate of the Chicago-based firm plans to build a 72-unit luxury apartment complex at 455 North Carpenter Street, which would replace a vacant two-story industrial building, remnants of the neighborhood’s roots as a meatpacking district, Crain’s reported.
Pending approval, the project is set to include a mix of studios, one-bedroom units and two-bedrooms. Of the 72 apartments, 14 would be reserved as affordable housing to satisfy the city’s affordable requirements. Plans also call for 3,600 square feet of ground-floor commercial space and 32 parking spots.
The development prolongs the multifamily craze in West Loop, where over 1,800 apartment units are slated for delivery this year, the outlet reported, citing appraisal and consulting firm Integra Realty Resources. Developers in the area are positioning themselves to capitalize on anticipated rent increases in 2025.
The West Loop’s surge in construction contrasts with expectations of limited downtown deliveries due to financial and logistical challenges, such as high borrowing and construction costs.
Fulton Market has evolved from an industrial hub into one of Chicago’s hottest neighborhoods, filled with high-rise buildings and entertainment offerings. Notably, the city lifted restrictions on residential development north of Lake Street in response to the pandemic, sparking a wave of construction activity.
Residential projects on the way in Fulton Market include Sterling Bay’s 29-story apartment building at 370 North Carpenter Street, and Newcastle Limited’s 33-story, 204-unit multifamily tower at 210 North Morgan Street.
In January, a venture of Shapack Partners and CRG secured an $84 million loan from Pacific Life Insurance for its planned 29-story, 308-unit project at 220 North Ada Street.
—Quinn Donoghue
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