An office boom is transforming Chicago's trendy Fulton Market district and is going further west per Chicago Curbed. A new 14 story development is going up along Ogden Avenue and is known just by its address of 1375 W. Fulton Market. It is a 315,000 square foot building and just received its first construction permit on Wednesday.
The building will replace a parking lot and a two story structure that was demolished last year. The developer is Trammell Crow and the designer is ESG Architects. It features a rooftop deck for tenants and about 115 parking spaces on levels two and three.
Concerns had been raised earlier by Alderman Walter Burnett Jr. regarding a lack of affordable retail rents in the area and representatives from Trammell Crow offered a portion of the building's 15,000 square feet of ground floor commercial space below market value. The completion date is set for early 2020.
Another West Loop construction project just received a permit also. It is a 10 story apartment development slated for 1220 W. Jackson Boulevard. This project from LG Development and NORR Architects will include the following:
- 166 rental units
- 7,000 square feet of retail space
- 30 parking stalls
Per Crain's Chicago Business, Dallas based Trammell Crow broke ground last month and is selling a vision for a portion of the neighborhood that is still being defined while Google, McDonald's Global Headquarters and trendy hotels and restaurants have uplifted the area closer to downtown.
Crow is confident that demand near Ogden will be just as strong. That is a remarkable difference from two years ago when it floated a plan to build an 18 story apartment building there instead. Trammell Crow declined to comment on the financing.
The fact is that companies are now clamoring for office space in Fulton Market but most of the millions of square feet of proposed space in the neighborhood still exists only on paper today.
"There isn't a tremendous amount of space available in Fulton Market for occupancy between now and 2020. We are hopeful that our project is going to be helpful to the companies that would like to do business in Fulton Market and are without many options."
Trammell Crow Managing Director | Grady Hamilton
The building will have the following features:
- 5 floors at 34,000 square feet
- 4 more floors at 25,000 square feet apiece
- A 9,000 square foot rooftop deck facing the skyline with fire pits
- A dog run
- A bar
Trammell Crow estimated the project cost at $130 million and said that the building is fully financed.
The Chicago Department of Planning and Development intends to relax the zoning rules west of Ogden to Ashland Avenue to allow offices, retailers, restaurants and other services that were previously blocked.
West End on Fulton will appeal to tenants because it will have Fulton Market cachet without the congestion of the corridor's east end.
See DataBid's other article titled - 13 Story Office Tower in Fulton Market gets Approval
DataBid Inc. is currently reporting on this project - West Fulton Market Office Tower Fulton Market - 0042092816.
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