Developer Sterling Bay has secured financing for its mixed-use development at 160 N Morgan Street in Fulton Market. Located just north of W Randolph Street and next to the CTA Morgan station, the tall tower replaces a now-demolished drive-thru bank that once held a Gucci pop-up shop. Earlier this year Sterling Bay forged a joint venture with Colorado-based real estate private equity firm Ascentris on the project with local firm bKL Architecture working on the modern design.
The 29-story, 350-foot-tall structure will have a base clad in brick that will keep with the height of surrounding buildings featuring industrial style windows holding 2,600 square feet of retail space. The podium will also hold 89 vehicle parking spaces and 153 bicycle parking spaces for future tenants while also providing an opportunity for a mural facing the popular night-spot Federales. Y-shaped trusses will support the tower above an outdoor deck which will contain 282 residential units split into convertibles, studios, one-, two-, and three-bedroom floor plans.
To account for the 20 percent affordable housing requirement, Sterling Bay will include 28 on-site affordable units and contribute roughly $6 million to construct an additional 28 affordable units at SL Solar Lofts located at 2548 S Federal Street in Douglas. The glassy tower will be clad in a lightly tinted curtain wall with vertical accent panels, architectural metal panels, and glass railings for the inset balconies on select upper-level apartments facing downtown.
The financing deal was struck with Chicago-based CIBC Bank USA, whose parent CIBC has served the Canadian market for 150 years out of Toronto. Karen Case, president of CIBC US Commercial Real Estate stated that the project will “bring a thoughtfully-designed, highly-amenitized multifamily development to the Chicago market.” The venture will be the first residential project for Sterling Bay in Fulton Market, an area they helped kick off many years ago and has grown to be one of the nation’s fastest growing submarkets.
Groundbreaking was also confirmed to occur before the end of the month according to a press release from Sterling Bay. Previous schedules also point at a completion date in the fourth quarter of 2023 for the tower which is predicted to generate 275 construction jobs. The construction itself will be executed by the Walsh Group with their joint-venture partner BOWA Construction, bringing another pinnacle to the westwardly-growing skyline.