The Department of Planning and Development’s (DPD) updated plan for real estate development and infrastructure investment within the Fulton Market area will be presented for consideration by the Chicago Plan Commission on Feb. 18.
The updated Fulton Market Innovation District (FMID) plan includes 12 new strategies to guide mixed-use improvements in the area primarily bounded by Hubbard St., Halsted St., Randolph St., and Ogden Ave. on the Near West Side.
The original FMID plan was adopted in 2014 to help guide the westward expansion of the central business district around the Morgan Street CTA station, which opened in 2012. Since then, the 217-acre area has seen more than $14 billion in approved or built real estate investment, including 1,700 hotel rooms, 3,800 residential units, and 8.1 million sq. ft. of office space.
The new strategies propose to lift restrictions on residential uses north of Lake St., establish a 30 percent affordability goal for new residential projects, identify new open space and public art opportunities, and establish local infrastructure priorities, among other improvements.
The infrastructure priorities include improved railroad viaducts and at-grade train crossings, new bike lanes, utility relocation underground, a new Metra infill station, and multiple street improvements, among other upgrades.
If the updated plan is approved by the Plan Commission following a public hearing, it will guide policy implementations and project review criteria for future public and private investments.