Related Midwest Wants To Build Two 50-Story Towers In Fulton Market. Will The Community Allow It?
Related Midwest President Curt Bailey wants to build two buildings over 50 stories tall in Fulton Market. Neighborhood groups are staunchly opposed, and it would require zoning changes, but Bailey believes he has two things in his favor, Crain's Chicago Business reports: Related Midwest's track record and a planning document released by the city last September.
Developers seeking to build in Fulton Market are often limited by aldermen and community groups in how high a development can rise. Related Midwest is partnering with Tucker Development on a 51-story tower at 170 North Peoria that would include 300 condos and 92K SF of retail and office space. Related also wants to build a 58-story hotel at 725 West Randolph.
Both projects would require zoning changes and gather community input to move forward. Related previously proposed a 19-story tower at the Peoria site, which was rejected for being too tall by the community group Neighbors of West Loop.
Bailey said Related's history with tall projects like One Bennett Park and Landmark West Loop make it well-suited to address the needs of the community. Bailey also cited the Chicago Department of Planning and Development's West Loop Design Guidelines, which "encourage taller, thinner buildings with substantial setbacks," allowing for more air, light and views.
Fulton Market gained the attention of real estate developers and investors for its low-rise buildings, and new construction has mostly adhered to existing heights: McDonald's new headquarters is only nine stories tall. But there are outliers like The Parker Fulton Market, a 29-story residential tower Shapack Partners and Focus Development built in 2016. Shapack and Focus sold The Parker to J.P. Morgan Asset Management last month.