Commercial Construction Reshapes the West Loop and Fulton Market

The West Loop and Fulton Market are experiencing a wave of construction as developers look to expand both residential and office inventory. From new multifamily towers to expanded commercial hubs, these projects represent significant investment in the neighborhood’s density and utility.

Multifamily Housing Growth

Residential living space in the area is set to increase as several projects move through the development pipeline. Draper and Kramer has secured a $65 million HUD construction loan to build a 12-story, 199-unit multifamily building located at 566 W. Van Buren St., which is slated for 2027 delivery. Further north, the Chicago Plan Commission recently approved a $150 million, 25-story mixed-use development at 1000-1024 W. Jackson. This project will introduce 380 residential units to the neighborhood along with a new grocery store. Additionally, JDL Development and Fulton Street Companies have submitted a proposal for two towers at 1200 W. Fulton St., which would add 1,079 apartments to the local housing supply if approved.

Office Market Resilience and New Space

The commercial office market in the West Loop and Fulton Market remains active, buoyed by consistent interest from tech companies. Even as average lease sizes in this submarket have dropped by more than 40% since the pandemic, the area continues to attract corporate expansion. Supporting this demand, the City Council has approved a 29-story Onni Group office tower at 357 N Green Street. This development is designed to deliver 650,000 sq. ft. of office space, supplemented by 8,000 sq. ft. of commercial space.

Navigating Neighborhood Changes

For residents and consumers, these developments indicate a period of ongoing construction and increased density. The integration of grocery stores into residential developments, such as the approved project at 1000-1024 W. Jackson, highlights a shift toward multi-use buildings designed to provide essential services alongside housing. As these projects move from approval to construction, locals should anticipate increased site activity along W. Van Buren St., W. Jackson, N Green Street, and W. Fulton St. throughout the coming development cycles.

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This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.