Google’s neighbors: Vequity becomes latest firm to plan development near the tech giant

Vequity’s Christopher Ilekis and Ryan Murphy with the building

Vequity is putting up a six-story mixed-use building in Fulton Market, joining a number of other developers with projects encircling Google’s Midwest headquarters.

The Chicago developer this week landed a building permit for its project at 1001 West Fulton Street, where it will construct five floors of offices over ground-floor retail. Vequity planned to use the second and third floors as its headquarters, Curbed reported last year.

The project, designed by Ilekis Associations, is expected to cost $2.5 million, according to building permit documents. Vequity last month received a $7.8 million loan from Pan American Bank and Trust for the project.

The developer originally proposed a five-story building, but later added a floor, making a $88,800 payment into the city’s Neighborhood Opportunity Fund in return.

Vequity is hardly alone in hoping 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.

Developer Mark Goodman is planning a 12-story, 268,000-square-foot office property just east at 310 North Sangamon Street, while construction firm Summit Design + Build is developing a five-story office building at 1040 West Fulton Street.

Sterling Bay has a project in the works across the street from Google at 345 North Morgan Street, where it aims to build a movie theater. It just bought property immediately north of Google at 1000 West Carroll Avenue for $20 million.

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