Two developers are planning to build two apartment buildings at an estimated cost of $550M in Fulton Market, delivering more than 1,000 new units to the piping hot submarket.
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JDL Development and Fulton Street Cos. presented a proposal for the 1200 W. Fulton St. project at an online meeting Wednesday night organized by the West Central Association, Block Club Chicago reports.
Developers want to construct a 43-story tower and a 37-story tower that would bring 1,079 apartments online in the neighborhood comprising studio and one-bedroom units. Twenty percent would be designated as affordable units, according to Block Club.
The towers' ground floor would feature 24K SF of retail, an open public space, bike parking, parking entrances, loading zones and building lobbies. The development would also have a pool deck, 97K SF for a lifestyle fitness tenant with access to a roof deck and a two-level, 440-spot parking garage.
The development “has been in the works for a long time,” Jim Letchinger, founder and CEO of JDL Development, said at the meeting, according to Block Club.
Alderman Walter Burnett Jr., whose ward includes Fulton Market, will need to approve the proposal before it heads to the Chicago Plan Commission, which could happen in August, developers said at the meeting.
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