Fulton Market Life Sciences Project Replaced by Apartment Tower Plans
While Fulton Market has been an epicenter of life sciences activity, a Chicago developer is changing course from a previously approved lab project and plans to build a massive apartment project instead.
A venture led by Chicago-based Mark Goodman filed a zoning application for a two-tower, 724-unit apartment complex at 400 N. Elizabeth Street. The move is a pivot from the 16-story lab building on the site that was approved by the city in 2021.
Goodman paid almost $15.8 million for the site in early 2022, and earlier this year, he hired CBRE to market the development site to prospective investors. Per the outlet, high interest rates and a cooling in venture-capital funding for life sciences played into the switch of plans. The area has been a hotbed of life sciences developments such as Trammell Crow’s Fulton Market Labs, which is home to the Chan Zuckerberg Biohub and MonoSol.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.