In a surprising turn of events, Fulton Street Companies has decided to abandon its initial plans for a 10-story luxury condominium development in Chicago's bustling West Loop. Instead, the developer is now focusing on a two-story, 40,000-square-foot modern bathhouse. This shift is a telling sign of the current state of the condo market in Chicago and perhaps a glimpse into the future of urban development. Let's dive into the details of this intriguing pivot.
The Original Plan: Luxury Condos
Initially, Fulton Street Companies had planned to break ground on a 10-story building featuring 25 luxury condominiums, with prices ranging from $2 million to $6 million. This project, dubbed "Momad," would have been the developer's first foray into the condo market. However, the increasing cost of construction and a downturn in the condo market led the company to reconsider.
The New Vision: A Modern Social Bathhouse
Urbanize Chicago reports that in collaboration with architecture firm Gensler, Fulton Street Companies has now shifted its focus to a modern bathhouse. The New York-based company Bathhouse will occupy the space, bringing a blend of traditional and contemporary recovery practices. The facility will include the following:
- Two-story 40,000 square foot modern social bathhouse
- Rooftop restaurant
- Saunas
- Steam rooms
- Pools
- Hammans
What Sets It Apart
- Rooftop Restaurant and Pool: An elevated dining and relaxation experience.
- Social Experience: Unlike traditional bathhouses, this one emphasizes social interaction.
- Highly Functional Modalities: Incorporating ancient techniques with modern recovery practices.
Why the Shift Makes Sense
The change in plans is not just a random decision but a calculated move. Chicago's condo market has been sluggish, impacted by the slower-than-expected return of office workers and concerns about crime rates. On the other hand, the concept of a modern, social bathhouse fits well with the high-energy lifestyle of the Fulton Market neighborhood.
The Construction Details
Construction is expected to commence at the beginning of 2024, with the bathhouse slated to open by spring 2025. The development will also feature a concrete and glass design reminiscent of old-world bathhouses and will also feature a rooftop restaurant and pool, adding a touch of luxury to the establishment.
Conclusion
For commercial construction professionals, this project offers a unique set of challenges and opportunities. The focus on renewable energy sources, such as solar panels and geothermal technology, will require specialized skills and materials. Additionally, the blend of traditional and modern design elements will demand a high level of craftsmanship. It's not just another building; it's a statement on the adaptability and versatility of the construction industry in changing times.
Call-to-Action: The shift from luxury condos to a modern bathhouse is more than just a change in blueprints; it's a reflection of market dynamics and consumer preferences. For those in the commercial construction sector, this project serves as a compelling example of how to adapt and thrive in a fluctuating market. Keep an eye on this development—it might just set the trend for future urban projects.
DataBid is currently reporting on this project - 1010 W. Madison Street Momad Development West Loop - Chicago (0018112221)
