The developers behind a new 13-story, ultra-sustainable office project replacing Fulton Market’s old AmeriGas propane fueling facility will start construction “soon,” according to a recent report by Crain’s.
Looking to cash in on the area’s unprecedented development boom, Chicago-based Mark Goodman & Associates and newly announced New York-based partner Tishman Speyer plan to break ground on the structure at 310 N. Sangamon Street ahead of signing a major office tenant. Known as building on “spec,” the practice carries an added degree of risk—especially with no shortage of competitors in the works.
The gamble, however, could also pay off as evident by the recent spec office building at 801 W. Fulton quickly filling up with tenants. Just last week, an under-construction development at 905 W. Fulton inked a major deal with snack-maker Mondelez International.
Designed by local architecture firm Solomon Cordwell Buenz, the upcoming building at 310 N. Sangamon Street has zoning approval for 225,000 square feet of office space, ground-floor retail, and a 47-stall parking garage. It’s unclear if the plan will change given Tishman Speyer’s new involvement in the project, reports Crain’s.
The upcoming structure will also feature numerous green and energy-saving features in hopes of becoming the largest office building in the United States to comply with the rigorous Passive House standard.
“I think we’re at the inception where energy and environmental is going to be a major part of buildings that are built,” developer Mark Goodman told the Chicago Tribune last summer. “We’re going to see a lot more of this.”
- New York developer takes over Fulton Market office project [Crain’s]
- Fulton Market adding another office project to crowded pipeline [Curbed Chicago]
- Previous Fulton Market coverage [Curbed Chicago]