LG Development Plans 2 New Multifamily Developments in Fulton Market District

LG Development is unveiling a new proposal for two apartment towers in the Fulton Market District. This includes a 25-story building with 287 units at 170 N May Street and a 38-story tower with 380 units at 175 N Racine Avenue.

 

Revised Proposal

This proposal marks a departure from their previously approved plan for a 29-story high-rise with 486 units. The decision to revise the plan is attributed to factors like high interest rates and construction costs. The new plan entails more units and will be executed in phases.

Market Conditions and Strategy

LG Development has indicated flexibility in their timeline, suggesting they might accelerate construction if market conditions are favorable in the next two to three years. Otherwise, they would proceed sequentially.

Ongoing Projects

Meanwhile, LG Development is actively engaged in another project in the Fulton Market area—a 20-story, 179-unit apartment building on the north side of Lake Street. Additionally, they recently completed a 19-story tower with 363 units at 210 N Aberdeen Street.

Approval Process

For the new proposal to materialize, it requires approval from the City Council. This step is crucial for the project to advance.