The tallest tower in Chicago’s Fulton Market district is months from opening as developers draw up plans for even taller buildings nearby.
Related Midwest is set to begin preleasing the 43-story apartment tower at 164 N. Peoria St. in March, with residents set to begin moving into the 300 units in June, the Chicago developer said Wednesday.
The developer, part of New York-based Related, also disclosed the name for the 495-foot tower: The Row Fulton Market.
That is a reference to nearby Randolph Street, often referred to as Restaurant Row because of the area’s acclaimed restaurants such as Next, Ever, Elske and Girl & the Goat.
“The Row represents the one-of-a-kind neighborhood in which it is located, delivering aspirational real estate to Chicagoans who want to immerse themselves in the energy and creativity that have put Fulton Market on the map," Curt Bailey, president of Related Midwest, said in a statement. “In anchoring the new epicenter of downtown, The Row gives residents a front-row seat to the area’s continued transformation.”
Related is preparing to open the Morris Adjmi Architects-designed tower at an uncertain time for real estate nationally, as rising interest rates and economic worries have slowed the pace of many developments and property sales.
Yet Fulton Market, Chicago’s onetime meatpacking district west of the Loop business district, appears to be weathering that economic climate better than most areas.
It was the fastest-growing urban office market in the country, averaging a 100% increase in office supply annually, according to a recent CoStar analysis. Tenants in the area include the global headquarters of McDonald’s and Mondelez International, and the Midwest headquarters of Google.
Residential developers also have been pouring into the area, with some plans that could top The Row Fulton Market in height.
Among them is Crescent Heights’ proposal for a 600-foot-tall apartment tower at 420 N. May St., if the plan is approved by the City Council.
Related Midwest also proposes a 700-foot office tower on a nearby site at 725 W. Randolph, which would include an Equinox fitness club and spa.
The Row will include one-, two- and three-bedroom apartments ranging from 617 square feet to 1,929 square feet, according to the statement. There will also be six penthouse units on the 42nd and 43rd floors, three- and four-bedroom units ranging from 2,358 square feet to 3,418 square feet, and private terraces.
Amenities available to all residents will include a fitness club, yoga studio, children’s play suite, entertainment suite, outdoor terrace with a kitchen, coworking spaces, lounges and conference areas, the company said.
The tower will be the tallest in the city built by a Black-owned general contractor, Chicago’s BOWA Construction.