Plans for a new residential high-rise in Fulton Market were approved Thursday by the Chicago Plan Commission. The project will join a surge of new development in the West Side neighborhood.
The roughly $300 million investment by developer Sterling Bay would add nearly 12,000 square feet of green space to the traditionally industrial corridor. It also includes a sizable amount of affordable family-sized units, as the neighborhood continues to attract new residents.
Sterling Bay introduced new plans for the property at 350 N. Morgan St. earlier this year. The developer previously planned to develop a creative office building at the site, but market conditions and a growing population in the West Loop led to a switch to residential.
The site was cleared by Sterling Bay and was previously approved for office development. The project will now go before the Chicago City Council, who will need to sign off on its use for apartments.
The proposed 39-story apartment building is across from Google’s Fulton Market office at 320 N. Morgan St.
Sterling Bay’s project would include up to 573 apartments, with 115 affordable at a weighted average of 60% of the area median income. Units will include studio, one-bedroom, two-bedroom and three-bedroom layouts.
“Seeing folks take advantage of the income grading that they can do under the ARO [affordable requirements ordinance] … that’s great because that means you can actually be someone who is serving coffee, serving at tables in these downstairs restaurants and go up and actually live in the same neighborhood that you work at,” Ald. Daniel La Spata (1st) said during the commission meeting.
The building is mixed-use with commercial space on the ground floor, which Sterling Bay envisions as a restaurant or similar use. The fifth floor would be a resident amenity level that includes a dog run, pool and fitness center.
Designed by Gensler, the building also includes nearly 12,000 square feet of open green space.
Commissioner Rosa Escareno, who also serves as Chicago Park District general superintendent and CEO, said conversations about adding more green space in developments like 350 N. Morgan are becoming more prevalent. They’re even more important when the developments include family units, she said.
“I love the fact that our skyscrapers are now including family units, which adds to the community feel,” Escareno said. “And with that comes … continuing to think about green space.”
The Plan Commission also approved the conversion of an office building along Michigan Avenue into nearly 50 apartments. If approved by City Council, the conversion could start in the first quarter of 2026.
The current owners of 1006 S. Michigan Ave., also known as the Graphic Arts Building, want to convert the eight-story property into 49 loft-style apartments. Retail space would be retained on the ground floor.
Jordan Karlik, one of the building’s owners, told the Plan Commission that when it bought the building about 10 years ago the occupancy was more than 90%. Now, it’s at 45% and has six office tenants.
“We are excited to give this building another opportunity to live on as residential,” Karlik said.
The apartments will be one- and two-bedroom units, including five affordable units.
The building is located in the Historic Michigan Boulevard District, a stretch of Michigan Avenue from Randolph to 11th streets. It’s also next door to the high-rise tower 1000M, designed by the late Helmut Jahn, that angles out over 1006 S. Michigan.
The Plan Commission also gave first approval to Bickerdike Redevelopment Corp.’s proposed development at 5853 N. Broadway in Edgewater. The nonprofit wants to rezone the site to build an 11-story apartment tower with 90 affordable units.
The $71 million project would have 85 units for households earning less than 60% of the area median income and five units for households earning less than 30% of the AMI. The city is providing tax credits for the project, which could start construction before the end of the year.