Special to Chicago Construction News
In a surprising turn of events, Fulton Street Companies has decided to abandon its initial plans for a 10-story luxury condominium development in Chicago’s bustling West Loop. Instead, the developer is now focusing on a two-story, 40,000-sq. ft. modern bathhouse. This shift is a telling sign of the current state of the condo market in Chicago and perhaps a glimpse into the future of urban development.
Initially, Fulton Street Companies had planned to break ground on a 10-story building featuring 25 luxury condominiums, with prices ranging from $2 million to $6 million. This project, dubbed “Momad,” would have been the developer’s first foray into the condo market. However, the increasing cost of construction and a downturn in the condo market led the company to reconsider.
Urbanize Chicago reports that in collaboration with architecture firm Gensler, Fulton Street Companies has now shifted its focus to a modern bathhouse. The New York-based company Bathhouse will occupy the space, bringing a blend of traditional and contemporary recovery practices. The facility will include:
- Two-story 40,000 sq. ft. modern social bathhouse
- Rooftop restaurant
- Saunas, steam rooms, swimming pools
The change in plans is not just a random decision but a calculated move. Chicago’s condo market has been sluggish, impacted by the slower-than-expected return of office workers and concerns about crime rates. On the other hand, the concept of a modern, social bathhouse fits well with the high-energy lifestyle of the Fulton Market neighborhood.
Construction is expected to start at the beginning of 2024, with the bathhouse slated to open by spring 2025. The development will also feature a concrete and glass design reminiscent of old-world bathhouses and will also feature a rooftop restaurant and pool, adding a touch of luxury to the establishment.
The shift from luxury condos to a modern bathhouse is more than just a change in blueprints; it’s a reflection of market dynamics and consumer preferences. For those in the commercial construction sector, this project serves as a compelling example of how to adapt and thrive in a fluctuating market. Keep an eye on this development—it might just set the trend for future urban projects.
DataBid is currently reporting on this project – 1010 W. Madison Street Momad Development West Loop.