Judy Lamelza
Special to Chicago Construction News
Chicago City Council has officially approved a new development in the Fulton Market district, paving the way for a two-tower project at 170 N. May St. and 175 N. Racine Ave. This marks a major milestone for LG Development, which has revised its initial proposal into a more expansive plan crafted by bKL Architecture.
The estimated cost for the entire development is $300 million.
Construction is expected to start on Phase One in spring 2025, with Phase Two scheduled to follow upon completion of the first tower. Specific timelines for the overall project are yet to be announced.
The development by will transform nearly an entire block, bordered by W. Lake St. to the north and W. Randolph St. to the south, into a vibrant mixed-use community. The project is divided into two phases, each corresponding to a separate tower along with shared amenities.
The first phase will feature a 25-story tower reaching 315 feet, complemented by a four-story podium spanning the length of May St. A 20,000-square-foot grocery store—rumored to be a Trader Joe’s—will anchor the podium at the corner of Randolph St.
Also, this phase will include new retail spaces and a 252-vehicle parking garage.
The tower will house 287 residential units including 57 to be designated as affordable housing in compliance with the city’s affordable requirements ordinance.
The mid-block residential tower will feature a glass façade that extends to the ground, splitting the podium into distinct sections. The design will include corner balconies, terraces, and various amenity spaces. The podium will be topped with a large amenity and pool deck, which will also be shared with the second phase.
Construction will start on the second phase, which includes a 38-story tower, after the first tower is completed. The ground floor will offer an additional 3,300 square feet of retail space, along with 257 parking spaces within the tower’s lower levels. This tower will include 380 residential units, with 76 set aside for affordable housing.
The staggered setbacks in the design will create multiple terraces and amenity spaces, and residents of both towers will benefit from shared access to the podium’s expansive amenity and pool deck, promoting a cohesive living environment.
Judy Lamezla writes the DataBid.com blog.
