Trammell Crow Company, along with its residential arm High Street Residential, is doing big things in Fulton Market, an important part of Chicago’s West Loop. They’re building a tall apartment building with 368 units at 1114 West Carroll.
This isn’t just about making the skyline look cool—it could also change how much it costs to rent in the area. This project, along with another one with 308 units at 220 North Ada Street, is a big deal for Fulton Market. There aren’t many new apartment buildings here, so these projects are important.
The Flora Apartments will start leasing this summer, offering more places to live in the neighborhood at a time when there aren’t many new apartments available.
Building Smart During Interest Rate Rises
Trammell Crow’s move to secure a loan for the Flora Apartments just before interest rates shot up is a smart move. It’s happening at a time when not many new buildings are going up.
Getting a $125 million loan from Otera Capital shows they’re planning strategically, setting themselves up well for a successful project launch as the market gets tighter. There’s a prediction that there will be very few new downtown apartments in 2025—only about 900.
So, the Flora Apartments and the larger Fulton Park Campus, which includes life science spaces and a public park, are in a good position to meet the growing demand for places to live in Fulton Market.
Meeting Community Needs with Green Spaces
Trammell Crow’s decision to include a big public park in its Fulton Park Campus responds to what the community wants: more green areas amid all the buildings in Fulton Market.
This not only makes the Flora Apartments more attractive but also makes the neighborhood nicer to live in and brings people together. The park will host events like farmers’ markets and concerts, making it a great addition to the area.
This move reflects a trend in city planning where having public spaces is really important for making projects successful.
The Fulton Market Project
Trammell Crow’s projects in Fulton Market show that the area is changing. There aren’t many new buildings planned, but there’s a big demand for places to live and spaces for the community.
Projects like the Flora Apartments are going to be important for how the neighborhood develops in the future. Trammell Crow’s smart timing with financing and building, along with focusing on what the community wants, puts them in a good position in a competitive market.
As the Fulton Market keeps changing, these projects are going to have a big impact on how much it costs to rent, how people get involved in the community, and how appealing the neighborhood is all around.
