Home News Azur Holdings, Cedar Street plan Fulton Market apartment towers

Azur Holdings, Cedar Street plan Fulton Market apartment towers

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At 470 feet tall, the Golub and Azur skyscrapers will be the tallest in the Fulton Market District and slightly shorter than the current leader. 900 Randolph, The associated Midwest is building a 496-foot mansion tower about six blocks to the east.

Designed by Chicago architecture firm Solomon Cordwell Bwenz, the building towers just west of City Winery and just east of the winery. 27-story high-rise housing complex Its developer Thomas Roszak and partners are building a building on the corner of Randolph and Elizabeth streets. To meet the city’s Affordable Housing Rule, or Affordable Price Requirements Ordinance, the project will include 80 apartments with rent affordable to low- and middle-income residents, according to the zoning application. .

McMillan said he originally planned to build a hotel on the site, but changed his mind after other hotels opened in the neighborhood and the apartment market strengthened.

“We thought multifamily housing was the best and best use,” he said.

While this will be the first Chicago project for Azur, which has developed residential properties in California, Florida and New York, Golub, a prominent office and multifamily developer founded in Chicago in 1960, will have long queues. Golub’s recent residential projects here include the redevelopment of the Tribune Tower into condominiums. Moment, his 490-unit building in Streeterville. 1001 South State, 397-unit tower at South Loop.

Earlier this year, the developer also announced plans for: 36-story apartment complex Located at 301 S. Green Street, West Loop, our project with Azure will be our first in Fulton Market.

The building is taller than it is in the neighborhood, and residents who are worried about crowding may raise objections. However, it was thin and limited the shadows it cast onto the street below, blocking the view from other buildings.

“In the planning department, everyone embraces tall, skinny designs,” said Lee Golub, managing principal at Golub.

After a severe but brief downturn in 2020, the downtown apartment market booming again, Fulton Market in particular allows developers to lease new buildings quickly and often at higher than expected rents. Development is accelerating at Fulton Market, but Golub isn’t worried about overbuilding there just yet. He recalled that predictions of an oversupply of downtown apartments a few years ago were wrong.

“Everything seemed to be absorbed,” he said. “In today’s world, everything is absorbed. Interest rates and capital markets are a little tougher,” he said.

Cedar Street plans a project on Leslie Hindman’s 1338 W. Lake St. site, which was put up for sale in 2020. Also designed by Solomon Cordwell Buenz, the building includes his 54 affordable units under his ARO in the city, according to the developer’s zoning application. .

Cedar Street executives did not respond to a request for comment.

Cedar Street is home to the 260 unit Duncan on the West Side, the 230 unit Bush Temple at the edge of the River North, bridgeview bank building uptown. However, major development in the Fulton market has yet to commence.

The Cedar Street and Azur-Golub ventures require city council approval for the project as the current development site zoning does not allow for anything they wish to build there. If the city council approves changes to the building’s zoning, the developer must secure construction funding before construction can begin.

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