News Summary
Vista Property and Skender Construction have commenced construction on a 32-story mixed-use tower at 370 N. Morgan St. in Chicago’s Fulton Market district. The project will feature 494 apartments, including 99 affordable housing units, and will include retail spaces aimed to support local businesses. With a total area of 539,000 square feet and a commitment to community development, the tower is expected to transform the area. Construction is anticipated to be completed by mid-2027, backed by significant financial investments.
Developer and Constructor Unveil Plans for $200M Mixed-Use Tower in Chicago’s Fulton Market
In an exciting development for Chicago’s Fulton Market neighborhood, Vista Property and Skender Construction have officially broken ground on a striking 32-story mixed-use multifamily tower. Located at 370 N. Morgan St., this new construction will encompass a substantial area of 539,000 square feet, promising to transform the local skyline.
Key Features of the Tower
The towering structure will comprise a total of 494 apartments, including 99 affordable units, aiming to cater to a diverse range of residents. Ground-floor retail space measuring 5,000 square feet will enhance neighborhood accessibility and vibrancy, while residents will benefit from 192 parking spaces within the building.
Design and Amenities
The design for this ambitious project was crafted by the talented architects at Antunovich Associates. In addition to residential apartments and retail space, the building is set to feature over 45,000 square feet of tenant amenities spread across four levels. Future residents can look forward to enjoying a landscaped plaza, beautifully situated at the intersection of Kinzie and Morgan.
Financial Backing and Construction Timeline
As part of the funding strategy, Vista Property secured a significant $151 million construction loan from CIBC and $22 million in preferred equity from PGIM Real Estate late last month. This financing represents a notable milestone, marking the first major ground-up development in downtown Chicago to obtain construction funding since December 2023. Other developers in the area, such as Shapack Partners and Related Midwest, have also recently secured loans for upcoming apartment towers.
Project Impact and Community Commitment
The anticipated completion for this grand project is in the second quarter of 2027. Site demolition officially began in late 2024, involving the removal of the former single-story Fox Deluxe Foods building, paving the way for new opportunities. The Chief Development Officer of Vista Property emphasized the company’s commitment to enriching the city of Chicago and specifically the Fulton Market neighborhood through thoughtful development and modernization.
Market Considerations
While the specific total cost for the project at 370 N. Morgan has not been disclosed, it is expected to surpass $200 million. This estimated cost reflects changes in financial projections due to rising construction prices and shifting market conditions. Vista Property maintains a strong presence not only in Chicago and its suburbs but also extends its reach to locations in London and North Carolina.
Looking Ahead
The ground-breaking of this mixed-use tower is a significant stepping stone towards revitalizing urban living in one of Chicago’s most sought-after neighborhoods. Residents can eagerly await the benefits of a modern, mixed-use space that promotes both community and commerce. With its premium amenities and strategic location, this project is set to become a landmark in the area, representing growth, opportunity, and a commitment to modern urban lifestyles.
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Additional Resources
- Bisnow: Vista Property Breaks Ground on 32-Story Apartment Tower
- Wikipedia: Fulton Market
- YIMBY: Outer Shell Complete for 1325 West Fulton Sales Center
- Google Search: Chicago Fulton Market
- Crain’s Chicago Business: Fulton Market Apartment Tower Lands $173M Financing
- Google Scholar: Fulton Market Development
- CoStar: Coca-Cola to Expand Chicago Space in Fulton Market
- Encyclopedia Britannica: Fulton Market
- Chicago Sun-Times: Sterling Bay Pivots Fulton Market Office Tower
- Google News: Fulton Market Development
