Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Plan Commission Okays Sterling Bay’s 10th Fulton Market Project
The Chicago Plan Commission recently approved Sterling Bay’s proposal to build a 485,000-square-foot, 14-story office property at 1200 W. Carroll Ave., its 10th Fulton Market District project. The Chicago Sun-Times reported that the plan, which must be approved by the City Council, represents a bet that office demand in Fulton Market will resume once the COVID-19 pandemic has abated.
In meetings with local community groups, the building’s design by architecture firm Gensler won unanimous praise, the Sun-Times reported. “I think it’s going to be a signature building in the Fulton district,” said Planning Commissioner Maurice Cox.
The projected cost to build the tower, which doesn’t have any tenants signed yet, is $110 million. In exchange for the zoning amendment that allows the project to proceed, Sterling Bay will pay a Neighborhood Opportunity Fund fee of $45.3 million, an industrial corridor conversion fee of $734,000 and $250,000 toward Metra rail upgrades.
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
