12.6 C
New York
Sunday, October 24, 2021

Buy now

spot_img

Newcastle plans Fulton Market District apartment tower – Crain’s Chicago Business

Another apartment developer is pushing ahead with plans for a high-rise on the north end of the Fulton Market District, an area off-limits to new housing until recently.

Newcastle wants to build a 33-story tower with 204 apartments at 210 N. Morgan St., less than a block north of the Morgan Street CTA station, according to plans filed with the Department of Planning & Development’s Committee on Design. The committee will review the Chicago developer’s proposal at an Oct. 13 meeting.

Newcastle is joining several other developers with proposed apartment projects north of Lake Street, a new frontier for housing after the city lifted its ban on new residential buildings there earlier this year. Under its original plan for the Fulton Market neighborhood approved in 2014, the city wanted to preserve the area north of Lake for businesses and other non-residential uses, but West Loop Ald. Walter Burnett, 27th, and other officials changed their tune during the pandemic.

With the downtown apartment market rebounding from the pandemic and recession, developers are eager to expand into the neighborhood, one of the hottest in the city. And they are pushing north.

In July, the City Council approved plans by Chicago-based LG Development for two buildings totaling 665 apartments straddling the 1100 block of Lake Street. At the same meeting, the council signed off on a 433-unit apartment tower on the 1200 block of Fulton Street proposed by Fulton Street Cos., another Chicago developer. Dallas-based Trammell Crow is seeking city approval for a 377-unit high-rise at 1112 W. Carroll Ave.

Designed by Hartshorne Plunkard Architecture, Newcastle’s project would be tall for the neighborhood, at 380 feet, but not as tall as Fulton Street’s, at 421 feet. The building features a stair-step design, with three vertical sections escalating in height, and a facade of glass and black metal reminiscent of the Willis Tower.

With its proximity to the Morgan Street station, it’s a transit-oriented development, designed to appeal to people who want an easy commute to work.  

“We really think this is an ideal [transit-oriented development] and pedestrian-oriented” project, said Kurt Pairitz, managing director of development at Newcastle.

Newcastle has marked the property for development since at least 2016, when it bought the site for $4.5 million, according to Cook County property records. But it wasn’t until the city lifted its prohibition on housing projects north of Lake Street that it could move forward.

The project would be Newcastle’s first apartment tower in Fulton Market, though the firm owns several buildings a few blocks away that it bought in 2016 from the estate of Flying Food Group founder Sue Gin. Newcastle owns a large apartment and retail portfolio in Chicago, including a 12-story apartment building under construction at 1210 N. State Parkway in the Gold Coast expected to open next March. The developer also aims to break ground on a 35-story, multifamily high-rise at State and Chestnut streets next fall, Pairitz said.

Newcastle is one of the first developers to present its plans to the city’s design committee, an advisory group that DPD formed in July to review projects that need city approval. Though the committee doesn’t have the power to reject development proposals or force developers to change them, it’s another step that some developers worry will add time and cost to their projects. The panel will review only a small fraction of the development proposals that need city approval.

Pairitz said he’s not quite sure what to expect at the Oct. 13 meeting, but he’s keeping an open mind.

“You never know where you’re going to get some good idea, so I have no problem with it,” he said.

Newcastle’s proposal still needs the approval of the Chicago Plan Commission and City Council, along with construction financing to pay for the development. Assuming no holdups, Pairitz estimates the firm could break ground in 18 months at the earliest.

?s=96&d=mm&r=g

Related Articles

Stay Connected

0FansLike
2,991FollowersFollow
0SubscribersSubscribe
- Advertisement -spot_img

Latest Articles