A tower crane permit has been issued for the first phase of the mixed-use development at 400 N Elizabeth Street in Fulton Market. Sandwiched between N Ogden Avenue and W Kinzie Street, the permit comes quickly as the project was approved this summer after pivoting from a single life-sciences building to two residential towers.
Site context map of 400 N Elizabeth Street by Archeo Design Studio
Demolition of 400 N Elizabeth by Daniel Schell
Developers Mark Goodman & Associates and Weldon Development Group revealed the project’s residential pivot earlier this year, one similar to many former office proposals across the city. The new complex received some backlash over height and density from the local community, but will ultimately provide 28,000 square-feet of public green space.
Site context of 400 N Elizabeth Street by Archeo Design Studio
Rendering of 400 N Elizabeth Street by Archeo Design Studio
Local-firm Archeo Design Studio is serving as the architect for the complex which will see the eastern taller tower go up first. Set to rise 33-stories and 395-feet in height, the building will be anchored by ground floor retail and a large parking garage within the lower floors of the structure. However it will not have a standard podium that extends beyond the tower itself.
Site plan of 400 N Elizabeth Street by Archeo Design Studio
Rendering of 400 N Elizabeth Street by Archeo Design Studio
The upper floors will hold 383 residential units made up of studios, one-, and two-bedroom layouts. Having received full building permits around a month ago, this first phase will eventually be joined by a 31-story and 375-foot tall second phase. All combined, the project will build out 724 units, of which 145 will be affordable, and 300 parking spaces in total.
Rendering of 400 N Elizabeth Street by Archeo Design Studio
Rendering of 400 N Elizabeth Street by Archeo Design Studio
Earlier this year the development team stated that if approved, they could secure funding within seven months and break ground by the end of the year, while they may miss starting construction this year, it will most likely commence early 2025. Construction is expected to take 21-months and should be complete by the end of 2026.
Currently a full funding source isn’t known, but we will update this story once it is revealed.
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Seeing high rise development these days in Chicago is like witnessing Hailies Comet.
Brandon Johnson and the rest of city council have created such an anti development environment I’m shocked when I see investors still interested in the area.
Let’s not forget that also contributing is the very difficult cost to net income environment. Construction costs remain very high, as do financing costs. Investor return requirements have also increased in the last few years. These factors combine to make new development very tough to finance for the foreseeable future.
Let’s not forget, the business is cyclical and this one will give way to an uptick- eventually
Brandon Johnson is not the reason development has stalled. The issue is the lack of funding from financial institutions. There is a backlog of approved projects from before and after he took office. Explain how he is blocking these developments under existing requirements—because I doubt you can.
And this is coming from someone who does not support him.
Everyone who says it’s a tough lending market, etc. That’s true… but how is every other city making it work? NYC and Dallas will deliver over 30 thousand apartments this year, Phoenix 20 thousand, Minneapolis over 8 thousand… we aren’t even close to the top 20 metros delivering apartments. Yet we are the third biggest city and metro. It’s quite obvious it’s the politics of the city and state holding us back.
The politics you mentioned are all the same across every city you listed. If you’re going to respond, I expect you to clearly outline those differences.
They aren’t the same. We have 50 aldermen. NYC has 51 with triple the population. Chicago has aldermanic privilege in Chicago. We have the highest pensions of any city. We have an extremely progressive CTU loving mayor and city council. We have the most corrupt teachers union in the country. Chicago is ranked the most corrupt city at least 4 years in a row. The list goes on and on but I suggest googling each one of those answers for details on it.
Ya but Brandon Johnson hasn’t really been the issue. The biggest problem is the ARO program making any development much less profitable. I couldn’t care less about developer’s bottom lines except for the fact that they won’t build anything if the math doesn’t make sense. I’m also all about building affordable housing but the ARO program is an unserious attempt by the city to get affordable housing without actually investing the city’s own money in it.
Yet, this city has managed to construct how many buildings over the past 100 years?