29-Story Residential High-Rise Pitched For Vacant Fulton Market Lot

A 29-story residential building is proposed for a vacant lot at 1200 W. Carroll Ave. in Fulton Market, comprising 397 apartments and 16,000 square feet of retail space. The design includes Carroll Place, a new public plaza for community events like farmers markets and movie nights. Developers plan to incorporate 150 parking spaces and more than 400 indoor bike parking spots, as well as a new Divvy bike-sharing station.

This project is situated within the Kinzie Corridor Overlay District, which allows residential developments following a ban lifted in 2021. The Chicago Plan Commission set a goal of 30% affordable housing units, while developers currently commit to 20%. They are negotiating with the Department of Housing to explore options for increasing affordability. Construction may begin as soon as January or February, with an estimated 18-month buildout period. Financing for the project is expected to be finalized by the end of January.