The Fulton Market neighborhood is about to get two new skyscrapers. Developer Trammell Crow Co. paid about $77 million for a pair of sites west of Google’s Fulton Market complex, county records show, where construction will soon begin on a 410-foot office building and a tower. 369-foot apartments with 377 units. Both plans were approved last year by the Chicago City Council.
The parcels, located at 315 N. May St. and directly north at 1112 W. Carroll St., had been owned by Climatemp Service Group, according to CoStar. The family air conditioning company it started by the late Victor Comforte 72 years ago and eventually employed hundreds, one of the many small businesses that began to leave the old industrial area once Google arrived in 2015 and commercial real estate developers began spending millions to buy properties in the neighborhood.
The pandemic did not stop the rise of Fulton Market. Developers added nearly 4 million square feet of office space in the last three years, CoStar found. And corporations like Aspen Dental, John Deere, and the Boston Consulting Group, among many others, continued to sign leases, making Fulton Market the most popular office market in the city.
That has led to skyrocketing land prices in Fulton Market. Trammell Crow also just bought 1150 W. Carroll St., an adjacent parcel owned by developer Shapack Partners, for $23 million, according to CoStar. Shapack purchased the site in 2019 for $11.2 million from SBC Asset Management, which paid $3.1 million in 2005.
And Shapack is part of a joint venture with CRG that in June paid $60 million for Bridgford Foods Corp.’s former processing plant at 170 N. Green St., and plans to develop a mixed-use complex with 250 apartments, a 150 boutique hotel rooms and 350,000 square feet of office space on the 1 ½ acre site. The City Council approved the proposal in April.
A Trammell Crow spokesman said he could not disclose when construction would begin on the two towers, or its plans for the 1150 W. Carroll property.
The company is already one of the most active developers on the Fulton Market. In 2020, it opened the 14-story building at 1375 W. Fulton St., the first phase of Fulton Labs, the company’s life sciences campus, and completed the second phase, a 16-story building at 400 N. Aberdeen St., earlier this year.