Chicago has issued a $56 million building permit for an 11-story apartment building at 1454 W. Randolph St., the second phase of a two-building project by developer Marquette Companies.
The structure will be just across Union Park with a related 26-story building at 1400 W. Randolph, which broke ground in the spring of 2000.
The new building, for which Power Construction Company is the general contractor, will have 242 units. The overall development has more than 500 units, some described as “luxury” –but (according to a published report in Block Club Chicago) more than 100 of the units will be designated as affordable housing.
Last spring, Chicago Mayor Lori Lightfoot said the groundbreaking is a testament to the city’s resiliency in the face of its greatest public health and economic crisis.
“These two projects will generate 500 jobs during the construction phase. And once completed, they will provide over 500 units for people to call home, 103 of which will be designated affordable units,” Lightfoot said.
Lightfoot said the Fulton Market District is the fastest growing, most diverse real estate market in the United States.
Subtrades include: Electrical – Kelso-Burnett Co.; masonry – Goebel Forming, Inc. and Mike Cachey Construction Co.; and plumber/plumbing – Norman Mechanical.