Update: The developers behind the project at 400 N. Elizabeth Street will officially present their plans at a virtual community meeting set for Tuesday, July 6, at 6 p.m.
Fulton Market's unprecedented construction boom is poised to add another big project to the mix as developer Mark Goodman & Associates seeks approval to build a 19-story life sciences building at the former site of the Lakeshore Beverage distribution center at 400 N. Elizabeth Street.
According to a zoning application recently filed with the city, the proposed 309-foot-tall tower would deliver nearly 500,000 square feet of lab space to the corner of Elizabeth and Kinzie streets. Renderings from architecture firm Solomon Cordwell Buenz (SCB) reveal a contemporary design with a glass facade and a masonry base with 210 parking spaces screened by perforated metal panels.
The project at 400 N. Elizabeth does not include retail but will improve the pedestrian experience by providing a new landscaped greenway. The pedestrian connection will run along the Metra tracks on the southern edge of the property and essentially continues the Kinzie sidewalk to Ogden.
Crain's Chicago Business first reported Goodman's plans for 400 N. Elizabeth. The developer recently teamed up with SCB and New York-based company Tishman Speyer on a newly completed 13-story office project at nearby 320 N. Sangamon.
The Elizabeth Street proposal will need a zoning change from C3-3 Commercial to DX-5 Downtown Mixed-Use to a Business Planned Development. According to Crain's, the team will need to secure funding to build the estimated $218 million project, which is expected to take roughly 18 months to complete.
The development site is two blocks west of Fulton Labs, a competing 16-story life sciences project from developer Trammell Crow that's on track to open its doors in early 2022.