Marquette Companies Plans 21 Story Apartment Building in West Loop

Marquette

Marquette Companies just submitted zoning applications for a 21 story apartment building at 1400 W. Randolph Street on the western edge of Chicago's Fulton Market District. The building would include 500 rental units at the former site of the BellyQ and Urbanbelly restaurants per Chicago Curbed.

The building would include the following:

 - 252 apartments

 - 67 parking spaces

 - Ground floor retail 

Marquette also plans on redeveloping a low-rise warehouse building and parking lot at 1440 W. Randolph Street which is across from Union Park. This redevelopment would include the following:

 - Six-story apartment building

 - Eight-story apartment building

 - Combined 260 rental units

 - 52 parking spaces

Because these buildings will be located in the city's special affordable housing pilot zone, the developments would be subject to higher affordable housing requirements. This requires that 20 percent of the units be priced to accommodate low and moderate income residents, up from the citywide 10 percent requirement. Instead of spreading all the affordable housing units across all three buildings, Marquette will locate all of the 85 affordable apartments in the six-story structure.

 

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The architect for all three buildings is Brininstool+Lynch who recently partnered with Marquette on The Mason. This is a 263 unit apartment located at 180 N. Ada Street.

According to Crain's Chicago Business, Marquette President Darren Sloniger said the developer has a deal with craft beer maker 25 West Brewing to open a restaurant in 10,000 square feet on the ground floor of the 21 story tower.

Marquette is betting that there is unmet demand for apartments near Fulton Market and the West Loop even though there has been a surge of apartment development downtown. Many large companies like Google, McDonalds and a growing list of other big names has brought thousands of jobs to the neighborhood. Marquette wants to give them new, nearby places to live. 

The City's Department of Planning and Development is moving to rezone the area just west of Fulton Market between Ogden and Ashland Avenues to allow new uses. This should set off even more new development in the years ahead.

Developers have opened 47 downtown apartment buildings with more than 15,000 units since the beginning of 2015 according to Integra Realty Resources. They forcast 4,100 new apartments will open this year and another 6,600 over the next two years. The firm predicts that this may still not be enough to meet the demands for rental units in the city.

DataBid is currently reporting on this project - 1400 Block Randolph Street Multiple Building Multi Use Development Fulton Market - Chicago (0002061619)

 

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Posted by Judy Lamelza

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