A long-rumored plan to redevelop the site of the Revel Fulton Market event space is starting to come into focus after a team of developers filed a zoning application showing a 32-story apartment complex rising at 1201 W. Fulton Market.

Led by local developer Fulton Street Cos., the proposed project calls for a 381-foot-tall structure containing a maximum of 433 dwelling units, 84 parking spaces, and 13,100 square feet of retail. 

Fulton St. Cos. was part of a joint venture that paid $20 million for the lot last October, Crain’s Chicago Business reported at the time. According to the publication, Revel’s lease doesn’t expire until 2023, but the developers are exploring terminating the contract early and potentially bringing Revel back as a future tenant.

Google Street View

The developers are seeking to rezone the property from M2-3 Light Industry to DX-7 Downtown Mixed-Use District and enter a Residential-Business Planned Development. The project will satisfy the area’s 20 percent affordable housing requirement by providing a mix of on-site and off-site apartments.

If approved, the proposal will be one of the first new apartment buildings north of Lake Street to move forward since Ald. Walter Burnett Jr. announced he was lifting the ban on residential development in the area. Allowing residential uses north of Lake Street was a key component of the city’s recently updated Fulton Market Innovation District plan.

Courtesy Morris Adjmi Architects

The design of 1201 W. Fulton Market comes from New York's Morris Adjmi Architects includes eye-catching diagonal exterior cross-bracing Fulton St. Cos. and Adjmi are also teaming up on a proposed 10-story office development five blocks east at 917 W. Fulton Market.

This most recent zoning application is yet another sign that Fulton Market real estate is red hot. It comes on the heels of the Chicago Plan Commission approving zoning for an upcoming 27-story, 375-unit rental building at nearby 160 N. Elizabeth Street.

Last month, developer Sterling Bay filed a zoning application for a 33-story, 320-unit apartment tower at 160 N. Morgan Street, Block Club Chicago reported.