A construction permit was awarded for a six story office and retail building at the southwest corner of West Fulton Market and North Morgan Street per Chicago Curbed.
The project was initially presented to West Loop neighbors in early 2017 and grew from five to six floors before its approval by the Chicago Plan Commission last September. The developer, Vequity LLC pledged a $88,800 payment into the city's Neighborhood Opportunity Fund in exchange for greater density.
Architecture firm Ilekis Associates designed the masonry structure at 1001 W. Fulton which will include ground floor retail space, office space on levels two through five, and a sixth floor rooftop amenity area. Vequity acquired a $7.8 million construction loan from Pan American Bank and Trust for the project.
The building permit came through one week after developer Summit Design+Build was granted the go-ahead from the city to break ground on a five story office project at nearby 1038 W. Fulton Market.
Chicago's Fulton Market District was once solely the domain of meatpackers and food wholesalers but is now being transformed by new offices, hotels, restaurants and streetscape improvements. There are dozens of projects under construction with more to come.
According to The Real Deal, this mixed-use building will be across the street from Google's Midwest headquarters. The project is expected to cost $2.5 million according to building permit documents.
Vequity is not alone in wanting to cash in on its proximity to Google. Murphy Development wants to build a seven story office building at 328 North Carpenter Street, taking over a planned 100,000 square foot project there from Venture Capital.
A 12 story, 268,000 square foot office property just east at 310 North Sangamon Street is being built by developer Mark Goodman.
Sterling Bay also has a project in the works at 345 North Morgan Street across from Google where it is planning to build a movie theater and just bought property north of Google at 1000 West Carroll Avenue for $20 million.
DataBid is currently reporting on this project - 1001 West Fulton Office & Retail Building - West Loop - Chicago (0062022817)
