Chicago-based Mark Goodman & Associates, Inc. (MGA) says it has acquired an approximately 1.5-acre parcel of land at 400 N. Elizabeth St. in the Fulton Market neighborhood, where it will begin construction on a 16-story life sciences building later this year.
Solomon Cordwell Buenz (SCB) has designed the structure to be a low embodied carbon building that is both LEED Gold and WELL certified, the developer says in an April 18 statement.
The building “will be the first purpose-built lab and research and development building in Chicago designed to specifically accommodate the rapidly growing life sciences and biotechnology industry,” the news release says.
The building will offer approximately 503,000 sq. ft. of laboratory, office and research & development space suitable for a range of life sciences pursuits, including biotechnology, medical devices, pharmaceuticals, clean energy, food sciences, material sciences and nanotechnology. There will also be 123 underground tenant parking spaces, a tenant fitness center and a ground-level neighborhood café. Plans for the building’s immediate area also call for enhanced streetscaping and lighting, plus a pedestrian throughway to connect Elizabeth and Kinzie streets to Ogden Avenue and the center of Fulton Market.
“The life sciences market has never been stronger, and with the addition of this building, Chicago is quickly on track to emerge as one of the next centers of excellence in the field to attract highly sought-after investment and premier talent,” said MGA principal Mark Goodman.
“Because the industry is experiencing record-breaking highs in funding and job growth, the demand for new construction life sciences lab and office space that is customized for the end-user is unparalleled. With 400 N. Elizabeth, Chicago will have one of the only new R & D/Lab buildings designed by and for scientists to create best-in-class innovation,” Goodman said.
“Our design resulted in large floorplates for labs and high bay ground floor for specialty spaces, such as pilot labs, to uniquely position the building for established and emerging companies looking for flexible and highly sustainable lease spaces near the West Loop,” said SCB principal Jay Longo.
Pre-construction planning and work at the site, which is located at the corner of Elizabeth and Kinzie streets and was the former home of the Lakeshore Beverage distributorship, will begin immediately and is expected to take approximately eight months. Site preparation, including demolition of the Lakeshore Beverage building, is expected to commence later this year, followed by a groundbreaking for MGA’s new building in 2023.
Construction is anticipated to take up to 20 months, with an expected completion date in 2024.