City Council Approves 32-Story Mixed-Use Tower in Fulton Market

• The Chicago City Council approved a new mixed-use development at 1338 W. Lake Street in Fulton Market.
• CEDARst Companies is leading the $155 million project.
• The 32-story tower will include 321 apartments, retail space, parking, and affordable housing units.

What the Fulton Market Development Includes

A major new residential tower is moving forward in Chicago’s Fulton Market District after City Council approved plans for a 32-story mixed-use development at 1338 W. Lake Street. The project site sits at the corner of West Lake Street and North Ada Street and is currently occupied by two vacant former Hindman Auctions buildings. CEDARst Companies acquired the nearly 36,000-square-foot property in 2025 for approximately $6.5 million as part of its continued expansion throughout Fulton Market.

What the Tower Will Include

Designed by SCB, the new tower will rise 364 feet and contain 321 residential units along with 7,200 square feet of ground-floor retail space. The project’s residential mix will include studios, one-bedroom, two-bedroom, and three-bedroom apartments. To satisfy affordable housing requirements, 65 units will be designated as affordable residences. Plans also include 164 parking spaces and 321 bicycle parking spaces integrated into the podium structure.

What the Building Design Looks Like

The building will feature a six-story podium wrapped in dark metal paneling with residential liner units screening the parking structure along North Ada Street. Above the podium, the residential tower will rise with a glass-and-metal facade accented by vertical fins used as shading devices. Architects designed the upper tower massing as four interconnected volumes arranged in a pinwheel-style configuration to visually break up the structure’s scale. Residents will also receive access to amenity spaces on multiple levels, including a rooftop deck and pool located on the 31st floor.

What Happens Next

To move forward with the development, the property will officially be rezoned from M2-3 to DX-10 following City Council approval. The developer is planning to begin construction during the fourth quarter of 2026, with completion targeted for the third quarter of 2028.

What This Means for Fulton Market

Fulton Market continues evolving into one of Chicago’s fastest-growing mixed-use neighborhoods as developers add large residential towers alongside office, retail, hospitality, and entertainment projects. The area has become especially attractive because of its proximity to downtown, major employers, restaurants, nightlife, and public transit infrastructure. Developers continue targeting the district for high-density mixed-use projects despite broader market uncertainty across portions of the commercial real estate sector.

What the Project Could Mean for Chicago Development

The approval of 1338 W. Lake reflects continued investor confidence in Chicago’s urban multifamily market and the long-term growth trajectory of Fulton Market. As more residential projects move forward, the neighborhood is expected to continue transitioning into one of the city’s primary live-work-play districts while balancing new development with affordable housing requirements.