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Fulton Market Development Revived with New 18-Story Residential High-Rise

Strategic Insights

— 2 min read

A joint venture between Darren Sloniger's Parq Development and Aaron Galvin's Luxury Living is seeking City Council approval for an 18-story, 268-unit rental building at 214 N. Morgan St. in the Fulton Market District. The project, which will have 3,800 square feet of ground-floor retail space and 30 parking spaces, is targeted for completion in 2027 and aims to provide affordable housing options through the city's Affordable Requirements Ordinance. The venture's plans come amid a slowdown in new development downtown due to elevated interest rates, rising construction costs, and economic uncertainty.

Key Takeaways:

  • The new development team, a joint venture of Parq Development and Luxury Living, is seeking City Council approval for an 18-story, 268-unit rental building at 214 N. Morgan St.
  • The project will have 3,800 square feet of ground-floor retail space and 30 parking spaces, which is 20 fewer than what Newcastle's plans allowed for.
  • The majority of the units will be efficiency or studio apartments, which will lend themselves to rental rates that are more attainable for people who want to live in the trendy Fulton Market District than larger units.
  • About 20% of the units, or 54, will be marketed at affordable rates to comply with the city's Affordable Requirements Ordinance.
  • The development will be financed through a partnership with equity and debt investors, but no partners have been announced yet.
  • The project will be the first ground-up development in downtown Chicago for Parq Development, led by Darren Sloniger, the former president and CEO of Marquette Cos.
  • Aaron Galvin, the founder of Luxury Living, has experience in residential brokerage services and development, having partnered on the Saint Grand apartment tower in Streeterville.

Statistics:

  • The proposed development sites a total of 214 N. Morgan St., a 17,497-square-foot site in the Fulton Market District.
  • The project aims to provide 268 rental units, with 54 units marketed at affordable rates.
  • The building will have 3,800 square feet of ground-floor retail space.
  • The parking spaces will be reduced by 20 from Newcastle's original plans, totaling 30 parking spaces.
  • The project is targeted for completion in 2027.
  • Apartment rents in downtown Chicago jumped 6.4% year over year in the second quarter of 2025, according to data from Integra Realty Resources.

Sources:

  • Crain's Chicago Business, "New plan for Fulton Market residential tower after earlier developer drops out," by Rachel Herzog (no publication date available)
  • Integra Realty Resources, data on apartment rents in downtown Chicago (no date available)
  • City of Chicago, Affordable Requirements Ordinance (no date available)

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