One of Fulton Market's highest-profile hotel projects is underway. The Department of Buildings issued a construction permit for the Hoxton Hotel, Shapack Partners' 182-room boutique hotel at 200 North Green, one of three hotels under development in Fulton Market.

The 12-story, 175-room property will be Hoxton's first Chicago location, and was announced last April. The site was formerly home to a meatpacker and an auto mechanic. Longtime building owners like meatpackers have been commanding top dollar for their assets as investors have swooped into the neighborhood and bought whole blocks for redevelopment.

In addition to the hotel, the Hoxton will include a restaurant and bar from Boka Restaurant Group, street-level retail, two floors of office space, indoor parking and a rooftop deck. The Hoxton joins the nearly complete Ace Hotel Chicago and Nobu Hotel in the Fulton Market pipeline. Shapack is targeting a Q1 2019 delivery for the Hoxton.