Chicago Plan Commission to Review 347-Unit Tower Proposal in Fulton Market

Key Points

• 30 story, 347 unit tower proposed at 215 N. Racine

• Developed by Domus Real Estate Group, designed by Archeo Design Studio

• Seeking DX-16 rezoning and 8.7 FAR bonus via Neighborhood Opportunity Fund

• 70 affordable units plus off-site public green space at 1240 W. Carroll

Fulton Market Density Push Moves Forward

A major mixed use tower is advancing in Chicago’s red hot Fulton Market district. Later this month, the Chicago Plan Commission will review Domus Real Estate Group’s proposal for a 30 story residential building at 215 N. Racine. The site, currently occupied by a three story structure and surface parking lot, would be cleared for a 362 foot tall tower delivering 347 apartments and ground floor retail. If approved, the project moves next to the Committee on Zoning and ultimately City Council. For investors, this is another signal that Fulton Market remains a prime target for high density multifamily plays.

347 Units With Affordable Set Aside

The proposed tower would include:

• 347 residential units
• 70 affordable units to meet ARO requirements
• 1,128 square feet of retail
• 88 parking spaces and 350 bike spaces

The affordable component aligns with Chicago’s Affordable Requirements Ordinance, a critical factor for zoning approvals in high value submarkets like Fulton Market. For developers, the 70 unit set aside is the cost of entry for achieving the higher density allowed under the requested DX-16 zoning designation.

Design and Density Strategy

Designed by Archeo Design Studio, the tower will rise with a full site footprint and rounded corners to soften the massing. A setback at the top will create space for an amenity deck and mechanical penthouse. The facade will feature a gridded metal system, with perforated screening over parking levels and glass and metal panels on residential floors. Importantly, the project is seeking an 8.7 FAR bonus by contributing to the Neighborhood Opportunity Fund. That payment allows additional density beyond base zoning limits, a common capital stack strategy for downtown Chicago projects.

Off Site Green Space Added

At the request of Alderman Walter Burnett, the developer acquired a parcel at 1240 W. Carroll to create publicly accessible green space. The park would be privately managed but open to the public. Potential uses include basketball courts, pickleball courts, or open lawn space. This addition strengthens the political viability of the rezoning request, particularly in a neighborhood balancing rapid development with community demands for open space.

Why It Matters for Investors

Fulton Market continues to transition from office heavy to residential mixed use density. With office demand still uneven across Chicago, multifamily remains the stronger bet in high amenity corridors.

Key investment considerations:

Higher density zoning supports long term land value appreciation
Affordable requirements remain a material underwriting factor
Neighborhood Opportunity Fund payments increase upfront capital needs
Limited parking ratios reflect urban renter demand trends If approved, 215 N. Racine will add significant rental inventory in one of Chicago’s most supply constrained submarkets.

The Takeaway

Domus Real Estate Group is betting on sustained rental demand in Fulton Market with a 347 unit high rise that maximizes density through rezoning and bonus FAR contributions. For Chicago multifamily investors, this project underscores a clear trend. Prime infill sites are being pushed taller, denser, and more mixed use to justify land costs and compliance requirements.