In a sign of continued hope that Fulton Market will continue as a development mecca after the pandemic subsides, investors have submitted plans for a new residential high-rise and a hotel for the community.
The proposed 296-room hotel would go up at 311 N. Sangamon St., replacing Fulton Market Kitchen. The 26-story residential building, with 383 proposed units, would replace a cluster of small buildings that used to include an auto repair shop at 160 N. Elizabeth St.
Both projects were submitted Monday as zoning amendments to the City Council. The applications will start a review that could lead to council approval.
COVID-19 has taken a fierce toll on Fulton Market, shutting its restaurants, keeping home much of its daytime office worker population and quelling demand for hotel rooms. But before the pandemic, it was Chicago’s hottest area and some investors are betting on its comeback.
“Because of the slowdown, it been a good time to buy. It’s going to get better,” said the area’s alderman, Walter Burnett Jr. (27th). “Prices are going to rise on some of these properties.”
The hotel is a venture of Marc Realty and members of the Stan family, zoning documents show. The building would be connected to a four-story structure, currently vacant, that’s listed as a landmark at 310 N. Peoria St. Their zoning attorney could not be reached for comment.
The residential tower is planned for Fulton Market’s western edge near Union Park and is a venture of architect Thomas Roszak and Michael Moceri, who have teamed for several other projects. Roszak declined to comment.
Burnett said neither project has been submitted for community groups’ review and he will withhold judgment until that happens.