Fulton Market developer offers over 2,200 apartments near Bally’s casino site

Separately, Shapack is proposing to redevelop a trio of sites southwest of the Salvation Army property near the intersection of Milwaukee and Union Avenues and Hubbard Street, according to the other zoning application. The proposal includes three buildings on three plots totaling 1,159 residential units, as well as commercial space on the ground floor and a small amount of office space.

The collection of projects, which require City Council approval, is one of the most ambitious bets in a downtown apartment market that has roared after the early devastation of the COVID-19 pandemic.

It also piles on a mix of huge apartment projects near the Chicago Tribune’s Freedom Center, which is set to be redeveloped into a $1.7 billion Bally casino, hotel and entertainment venue. whether the gaming giant can get final approval from the Illinois Gaming Board and the Chicago plan. Commission for the project. Canadian developer Onni Group recently won city council approval to build nearly 2,700 apartments just north of the casino site on the southern tip of Goose Island. Onni is also finalizing a deal to purchase another large development site along the northern border of the casino property with a plan to develop what could be well over 1,000 additional residential units.

If the Shapack projects come together as planned, it would further establish the area between Fulton Market and the North Fork of the Chicago River as a booming new downtown neighborhood.

A spokesperson for Shapack could not be reached.

Shapack is best known for developing a series of high profile office buildings, hotels and apartments in the Fulton market over the past decade. The company’s most notable projects include a 750,000 square foot office building at 167 N. Green St., the Hoxton Hotel, the Soho House hotel and private club, and the Parker Fulton Market apartment building. .

A source familiar with the new Shapack plan said the hotel would be developed before apartment buildings, in the same way Shapack began work in Fulton Market with Soho House to help drive foot traffic into the piece.

The new combined proposals include plans for 454 affordable units in apartment buildings to comply with the city’s ordinance governing affordable housing in residential projects, according to zoning applications.

At the Salvation Army site along the southern edge of the Interstate 94 Ohio Street on-ramp, Shapack plans to convert a six-story building at 509 Union Ave. in hotel. The building would be built on property along Desplaines, where the current buildings would be demolished and replaced with a denser apartment tower. The site’s development prospects increased in 2017 after the city added other areas of the central business district eligible for higher-density zoning.

Magnetar Capital founder Alec Litowitz and his wife, Jennifer Litowitz, are investors in both projects, according to zoning applications. They previously teamed up with Shapack to develop a 70,000 square foot office building at 811 W. Fulton St. which they sold in 2019 for over $50 million, then paid a record price per foot. square for an office building in Chicago.

The sites closest to Hubbard Street include a pair of properties on the north and south sides of Milwaukee Avenue as well as one east of Union Avenue. The properties, which Shapack acquired in pieces between 2016 and 2022, depending on the zoning request, now mostly house single-story buildings or surface parking lots.

The westernmost site between Milwaukee and Hubbard would be redeveloped with a 337-apartment building rising 300 feet, according to that site’s zoning application. Shapack is proposing a 317-unit building rising 350 feet on the parcel between Milwaukee and Union and another 505-unit building rising 490 feet east of Union, the application says.

Plans show that these three projects would be coordinated with open-air walkways crossing the ground floors, similar to the concept of “mews” developed by Shapack at 167 N. Green St., which should continue on the other side from the street to a large new development his company has planned at 170 N. Green St.

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