Developer Vista Property and Skender Construction broke ground Wednesday on a 32-story mixed-use multifamily tower at 370 N. Morgan St. in Fulton Market.

The 539K SF tower, designed by Antunovich Associates, will have 494 apartments, including 99 affordable units, and 5K SF of ground-floor retail. The building will have 192 parking spaces.

“This development at 370 N. Morgan represents a long-term commitment to Chicago and the future of one of the city’s most dynamic neighborhoods,” Vista Property Chief Development Officer Ark Latt said in a press release.

The project is expected to be completed in the second quarter of 2027. Demolition on the site began in late 2024 with the removal of the old single-story Fox Deluxe Foods building.

Vista secured a $151M construction loan from CIBC and $22M in preferred equity from investment firm PGIM Real Estate in late May, Crain's Chicago Business reported. The project was the first major ground-up development in the heart of the city to secure construction financing since December 2023.

Around the same time, Shapack Partners and Related Midwest landed loans to jump-start respective apartment towers now underway in Fulton Market and on the former Chicago Spire site along Lake Shore Drive.

The total cost of the project at 370 N. Morgan hasn't been released, but the developer estimated it at $151M in presentations to city planning officials in 2023. Construction pricing has steadily increased since, and the size of the financing package may indicate the total project cost is well above $200M, Crain's reported.

Vista has a host of properties in Chicago and the surrounding suburbs, as well as in London and North Carolina, according to its website.