The development will replace a vacant lot south of 1K Fulton
A vacant lot across from Google’s Chicago headquarters may soon give way to a six-story office and retail building at the southwest corner of West Fulton Market and North Morgan Street, thanks to a construction permit awarded on Wednesday.
Initially presented to West Loop neighbors in early 2017, the proposal grew from five to six floors before its approval by the Chicago Plan Commission last September. Developer Vequity LLC pledged a $88,800 payment into the city’s Neighborhood Opportunity Fund in exchange for greater density.
Designed by architecture firm Ilekis Associates, the masonry structure slated for 1001 W. Fulton is expected to include ground-floor retail, office space on levels two through five, and a sixth-floor rooftop amenity area. Vequity secured a $7.8 million construction loan from Pan American Bank and Trust for the project, reported the Real Deal Thursday evening.
The building permit at 1001 W. Fulton comes roughly one week after developer Summit Design+Build was granted the go-ahead from the city to break ground on five-story office project at nearby 1038 W. Fulton Market.
Once solely the realm of meatpackers and food wholesalers, Chicago’s Fulton Market District has been transformed by new offices, hotels, restaurants, and streetscape improvements. With dozens of projects under construction or in the pipeline, the trend is only likely to continue.
- New construction permit at 1001 W Fulton Market [Chicago Cityscape]
- Google’s neighbors: Vequity is latest to plan development near the tech giant [Real Deal]
- West Loop residents say office proposal looks ‘prison-like’ [Curbed Chicago]
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