Chicago's First Geothermal Apartment Tower Secures Financing

• 410 North Elizabeth will become Chicago's first geothermal-powered, all-electric multifamily high-rise.
• The 33-story building will deliver 383 apartments, including 77 affordable units, as the first phase of a larger mixed-use development in Fulton Market.
• The project recently secured a $102 million construction loan led by Bank OZK, allowing construction to move forward.

What Makes This Development Different

Chicago is taking a major step toward sustainable multifamily housing with the launch of 410 North Elizabeth, a 33-story apartment tower that will become the city's first geothermal-powered, all-electric residential high-rise. Located in the Fulton Market District, the building marks the first phase of a two-tower mixed-use development that will ultimately deliver more than 724 apartments. The project is being developed through a partnership between Tree Street Group, Magellan Development Group, and Mark Goodman & Associates. Unlike conventional apartment buildings, the development will rely on a geothermal energy system that uses the earth's stable underground temperatures to heat and cool the building, significantly reducing energy consumption and emissions.

What the Project Will Include

The first tower at 410 North Elizabeth will feature 383 apartments, including 38 studios, 87 one-bedroom units, 256 two-bedroom units, and two three-bedroom residences. Approximately 77 apartments will be designated as affordable housing. Residents will also benefit from ground-floor retail space and a publicly accessible park adjacent to the building. Once both towers are completed, the development will offer more than 724 apartments, including 146 affordable units, creating one of the largest mixed-income residential communities in Fulton Market. The project was designed by Archeo Design Studio, with each tower featuring a contemporary gridded façade combining metal panels and expansive glazing.

What the Financing Means for the Project

The development recently reached an important milestone after securing a $102 million construction loan from Bank OZK. Additional financing was provided by Beach Point Capital and Circle Property Partners, giving the development team the capital needed to begin construction. While an official completion timeline has not yet been announced, the financing signals strong institutional confidence in both the project and Chicago's multifamily market.

What This Means for Chicago's Real Estate Market

Beyond adding hundreds of new apartments, 410 North Elizabeth could become a model for future residential developments across Chicago. According to the development team, the geothermal system is expected to reduce energy consumption by approximately 60%, lower building emissions by 30%, and decrease energy costs by more than 25%. As cities continue pushing for greener buildings and lower operating costs, projects like 410 North Elizabeth demonstrate how sustainability is becoming a competitive advantage rather than simply an environmental goal. For developers and investors, the project also reinforces Fulton Market's position as one of Chicago's most active development corridors, where innovative design, institutional capital, and high-density residential projects continue to reshape the neighborhood.