Range Group Unveils Plans for 72-Unit Multifamily Building in Fulton Market

A local developer, affiliated with the Range Group, is proposing a significant addition to the Fulton Market District in Chicago. This project signifies continued investor interest in the West Loop area.

Project Details

he proposed development entails a five-story luxury apartment building with 72 units, slated to replace a vacant industrial property at 455 N. Carpenter St. This initiative aligns with the recent surge in residential projects within and around Fulton Market, transforming it from an industrial area into a vibrant commercial and entertainment hub.

Northward Expansion and Policy Shift

Since the lifting of restrictions on residential development north of Lake Street in May 2020, the northern segment of Fulton Market has become increasingly attractive to apartment developers. This policy shift aimed to stimulate development amid the uncertainties of the COVID-19 pandemic.

Market Outlook

The West Loop area, including Fulton Market, is witnessing a surge in apartment construction, with over 1,800 units expected to be completed in 2024. This surge anticipates a subsequent rise in rental rates by 2025 due to limited new construction downtown, attributed to high financing and construction costs.

Project Features

The proposed apartment complex will feature a mix of studio, one-bedroom, and two-bedroom units. Notably, 14 units will be designated as affordable housing, adhering to the city’s Affordable Requirements Ordinance. Additionally, the plans include ground-floor commercial space covering 3,600 square feet and 32 parking spots.

Developer's Portfolio

Range Group, the developer behind this project, boasts a diverse portfolio, including another forthcoming apartment building in Roscoe Village. The five-story, 40-unit complex at 3140 N. Clybourn Ave. is scheduled for completion in 2024.

The proposed luxury apartment complex at 455 N. Carpenter St. reflects the ongoing transformation and expansion of the Fulton Market District. As part of a broader trend in Chicago's real estate market, this project underscores sustained investor confidence in the area's growth potential.