Fulton Market, a bustling hub of life sciences activity, is undergoing a transformation as Chicago developer Mark Goodman shifts gears from his previously approved lab project to focus on constructing a massive apartment complex.
The venture led by Goodman, based in Chicago, has submitted a zoning application for two towers that will house 724 apartments at the location of 400 N. Elizabeth Street. This change comes after the city had given approval for a 16-story lab building on the same site in 2021.
Goodman acquired this property for nearly $15.8 million earlier this year and enlisted CBRE to market it to potential investors. According to reports, rising interest rates and decreased funding from venture capitalists in the life sciences industry influenced this decision. The area has seen significant growth in life sciences developments such as Trammell Crow’s Fulton Market Labs which houses renowned institutions like Chan Zuckerberg Biohub and MonoSol.
This latest development marks an exciting shift towards residential projects within Fulton Market instead of solely focusing on commercial ventures.
