Posted Dec 19, 2022, 11:06 PM
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Join Date: Apr 2013
Location: Chicago & Philly
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Chicago Transit Authority Building Sale Could Bring Two More Big Towers to Fast-Growing Fulton Market
At Least One of Farpoint’s High-Rises Is Expected To Be Residential, Founder Says
Quote:
Farpoint Development, which has an agreement to buy the CTA’s property on Racine Avenue, plans to build a multifamily tower on the eastern portion of the site before later putting a second tower with offices, apartments or mixed uses on the larger parcel where the CTA building now stands, Farpoint founding principal Scott Goodman said.
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Goodman told CoStar News that his firm could begin building apartments on the smaller parcel, a surface parking lot at Racine Avenue and Randolph Street, before the CTA’s new facility is completed in late 2026.
Later, after the CTA’s relocation, Farpoint expects to knock down the nearly three-decade-old CTA facility at 120 N. Racine Ave., on the full-block site across Racine west of the smaller parcel, Goodman said. That building and adjacent parking will be replaced by a taller tower. Market conditions will dictate whether that tower will have offices, residential or a mix of uses, Goodman said.
Goodman declined to comment on specifics of the deal with the CTA or the expected heights of the towers. But the land totals about 110,000 square feet, or about 2.5 acres, he said, and the two-tower project “will be consistent with what’s going on in the neighborhood,” he said.
“We’re excited to explore options for one of the largest contiguous sites remaining in the West Loop,” Goodman said. “We are convinced that as the center of gravity pushes west, Randolph and Racine will be the center of Fulton Market in the coming years.”
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https://product.costar.com/home/news/shared/1008423566
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