Sterling Bay has been given the ok to build a 19 story office tower in Fulton Market according to The Real Deal. This will be the first of many projects that Sterling Bay will bring to the Fulton Market area. They have secured a full construction permit after getting city approval for foundation work and the first five floors at 333 North Green Street.
Plans show the cost to be around $100 million and Sterling Bay has acquired a $181.5 million construction loan from Wells Fargo. The building is projected to include street level retail and 326 parking spaces on Floors 2 to 5.
This will be one of two buildings that Sterling Bay is planning to build on the former Coyne College Campus which also includes their parking lot. The property was bought in 2016 for $25 million. The other building is 20 stories high and will be situated across the street at 330 North Green Street.
The company also plans to build a 21 story office building at 360 North Green Street. A movie theater and parking garage will be next to the Ace Hotel that opened last year at 311 North Morgan Street. This will be one of two Sterling Bay hotels in the area along with the Hyatt House on North May Street.
Sterling Bay is also behind the Google Midwest Headquarters at 1K Fulton, the Fulton West Development at 1330 West Fulton Market and the vendor village office building at 210 North Carpenter Street near the new McDonald's headquarters, all from Sterling Bay. They are also behind the proposed Lincoln Yards mega development along the North Branch of the Chicago River and have also acquired the Groupon headquarters property at 600 West Chicago Avenue for $510 million in the past year. The Prudential Plaza is another property that was bought for $680 million. According to Crain's, this comes to a total of 6.6 million square feet of office space under construction or planning in Fulton Market.
Per The Real Deal, Shapack Partners, who has developed numerous projects in Fulton Market, is building a seven story, 70,000 square foot office building at 811 West Fulton Street and another office project at 215 North Peoria Street. Shapack Partners and Focus Development are planning a massive mixed-use project that would incorporate the entire area from Halsted to Green Street.
According to Sterling Bay, they are known as a leader in identifying and creating urban opportunities. Companies like Google, McDonald's, Uber and Hillshire Brands have turned to them to help reflect their culture and enhance their brand through exceptional headquarter space. Their hospitality division has deep roots in the restaurant and hotel industries in Chicago and all over the U.S. Four Corners Tavern Group, a subsidiary of Sterling Bay, owns and operates 12 restaurant establishments in Chicago, including Benchmark, SteakBar and Federales. Their portfolio also includes partnerships with some of the largest hotels in the world, including Ace Hotel and Joie de Vivre.
Their design work is unmatched in quality. Each Sterling Bay development is unique, yet all share one thing in common: an aesthetic that demonstrates a pride of ownership and appeals to a targeted audience. When giving new life to space, they turn to the original character of the building, using reclaimed materials such as cedar from water towers and decorative stone from facades.