News Summary
Vista Property and Skender Construction have commenced construction on a 32-story mixed-use tower at 370 N. Morgan St. in Chicago’s Fulton Market district. The project will feature 494 apartments, including 99 affordable housing units, and will include retail spaces aimed to support local businesses. With a total area of 539,000 square feet and a commitment to community development, the tower is expected to transform the area. Construction is anticipated to be completed by mid-2027, backed by significant financial investments.
Developer Vista Property and Skender Construction Break Ground on $200M Mixed-Use Tower in Chicago’s Fulton Market
Vista Property and Skender Construction have officially begun construction on a new 32-story mixed-use multifamily tower located at 370 N. Morgan St. in the bustling Fulton Market district of Chicago. This ambitious project covers a substantial area of 539,000 square feet and is expected to greatly contribute to the neighborhood’s vibrant landscape.
The new tower will host a total of 494 apartments, including 99 units designated as affordable housing. This element of the development underscores a commitment to providing diverse housing options in the area. In addition to residential space, the first floor will feature approximately 5,000 square feet of retail space, aimed at bringing local businesses and services to the community.
Parking is another consideration in the building’s design, with plans for 192 parking spaces to accommodate residents and visitors. The design work for the tower has been led by Antunovich Associates, a firm well-regarded in the architecture world.
As a demonstration of its investment in the local community, Vista Property has noted its commitment to Chicago and specifically the Fulton Market neighborhood. This project marks an essential next step in the continued development of the area, which has seen significant interest from developers in recent years.
The timeline for completion of the project is projected for the second quarter of 2027. Site preparation has already begun, with demolition of the old single-story Fox Deluxe Foods building already underway since late 2024. This has allowed for a smooth transition into the construction phase.
Significantly, Vista Property secured a construction loan of $151 million from CIBC, along with an additional $22 million in preferred equity from PGIM Real Estate, in late May. This financial backing not only supports the development but also signifies a broader trend in the market, as this is the first substantial ground-up development in downtown Chicago to gain construction financing since December 2023. Other developers, including Shapack Partners and Related Midwest, have similarly managed to secure funding for their own apartment tower projects in the same timeframe.
While the overall cost of the 370 N. Morgan project has not been made public, it is anticipated to surpass the $200 million mark given current economic conditions and rising construction costs. Such financial considerations further highlight the investment needed for large-scale construction in urban settings.
Vista Property, which has a significant presence not only in Chicago but also in places such as London and North Carolina, plans to include over 45,000 square feet of tenant amenities spread across four different floors. These amenities are designed to enhance the living experience and encourage a vibrant community atmosphere.
Furthermore, a landscaped plaza is planned for the intersection of Kinzie and Morgan, which will provide a communal space for residents and the public to gather. Such outdoor spaces are increasingly valued for their role in community building within urban environments.
As the construction progresses, the 370 N. Morgan project is set to play a pivotal role in transforming the Fulton Market area into a bustling hub of activity and modern living, promising to meet growing demands for both housing and retail options in the heart of Chicago.
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Additional Resources
- Bisnow: Vista Property Breaks Ground on 32-Story Apartment Tower
- Wikipedia: Fulton Market
- YIMBY: Outer Shell Complete for 1325 West Fulton Sales Center
- Google Search: Chicago Fulton Market
- Crain’s Chicago Business: Fulton Market Apartment Tower Lands $173M Financing
- Google Scholar: Fulton Market Development
- CoStar: Coca-Cola to Expand Chicago Space in Fulton Market
- Encyclopedia Britannica: Fulton Market
- Chicago Sun-Times: Sterling Bay Pivots Fulton Market Office Tower
- Google News: Fulton Market Development
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