Skender, VISTA Property top out 32-story Fulton Market apartment tower in Chicago

Key Points

• 494-unit luxury tower topped out in Fulton Market
• 32-story, 539K SF development with 99 affordable units
• Leasing set for January 2027 with spring 2027 move-ins

What the milestone means for Chicago development momentum

Skender and VISTA Property have officially topped out Pearl Fulton Market, marking a major construction milestone for one of the largest multifamily projects underway in Chicago. The 32-story tower at 370 N. Morgan Street will deliver 494 units, signaling that large-scale developments are still moving forward in high-demand submarkets despite broader slowdowns in new starts. Topping out confirms the project is on track and reduces construction risk, a key factor for investors watching delivery timelines closely.

What the Fulton Market location means for rent potential

Fulton Market continues to be one of Chicago’s most sought-after neighborhoods, driven by strong job growth, corporate relocations, and a vibrant retail and dining scene. Its transformation into a live-work-play district has made it a magnet for high-income renters. The location positions Pearl Fulton Market to benefit from sustained demand, especially among professionals working in nearby office hubs and tech corridors. For landlords, this translates into premium rent potential and strong absorption.

What the scale and unit mix mean for supply impact

At 494 units, this is a large delivery that will add meaningful supply to the Fulton Market submarket. The building will offer a range of studio to two-bedroom layouts, appealing to a broad renter base. Importantly, 99 units are designated as affordable housing, aligning with city requirements while still allowing the majority of the assets to operate at market-rate rents. This balance helps secure approvals while maintaining revenue upside.

What the amenities package means for tenant competition

The project is designed as a top-tier Class A asset with a heavy focus on lifestyle amenities. Planned features include a 30th-floor deck, fitness center, coworking areas, private event spaces, and a golf simulator.

Outdoor-focused amenities like a yoga terrace, fire pits, and grill kitchens reflect evolving renter preferences for flexible and social spaces. These features will be critical in competing with other luxury buildings in Fulton Market and attracting high-quality tenants.

What the retail and parking components mean for asset value

Pearl Fulton Market will include more than 4,500 square feet of ground-floor retail, adding revenue stream and enhancing the resident experience. Activated retail space is especially valuable in walkable neighborhoods like Fulton Market, where street-level activity drives demand. The inclusion of a four-story podium with 190 parking spaces also adds convenience for tenants, though urban renters are increasingly less dependent on parking. Still, this feature can broaden the tenant pool and support lease-up.

What the leasing timeline means for market timing

Leasing is expected to begin in January 2027, with first move-ins projected for spring 2027. This timing could align well with a period of reduced new supply, as many developers have paused or delayed projects due to financing and construction challenges. If supply remains constrained, Pearl Fulton Market could enter the market with less competition, supporting stronger rents and faster lease-up.

What this project signals for multifamily investors

This development reinforces a key trend: capital and construction activity are concentrating in top-performing urban submarkets like Fulton Market. Even as overall development slows, well-located, amenity-rich projects continue to move forward. For investors and landlords, the takeaway is clear: Class A multifamily in high-growth neighborhoods remains a resilient play, especially when delivery aligns with tighter future supply