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Fulton Market’s high-end luxury condo units expected at $6M
Fulton Street Companies to break ground on 10-story, 25-unit building in 2022
![A rendering of 1010 West Madison Street and Fulton Street Companies' Alex Najem (Fulton Street)](jpg/main-fulton-markets-high-end-luxury-condo-units-expected-at-6m-.jpg)
A development firm behind multiple retail, office and rental buildings in the Fulton Market and the West Loop plans to build a high-end condominium building in the area with units fetching up to $6 million.
Fulton Street Companies plans to build a 10-story, 25-unit condo building, named Momad, at 1010 West Madison Street, Crain’s reported. The project, expected to break ground in 2022, will feature a direct entrance for each unit from the elevator, eight different floor plans and 42 garage spaces, more than the typical one space per condo.
![1010 West Madison Street (Fulton Street)](jpg/10-2-705x456.jpg)
1010 West Madison Street (Fulton Street)
The asking price for the units, ranging in size from 2,350 to 5,000 square feet, will run from a little under $2 million to about $6 million. Four units in Momad are already in contract at just under $6 million, Alex Najem, a principal at Fulton Street Companies, told Crain’s.
The exact price for two penthouse units haven’t been determined, but may top the $5.7 million record set for a West Loop condo in 2019. Investors are betting the district, home to tech and life science companies, is poised for a post-pandemic boom.
At the Hayden at 1109 West Washington, three condos also sold for between $4 million and $5 million, two of them in 2019 and one this year.
The development follows the Chicago Plan Commission’s lifting of a residential ban in much of the Fulton Market early last year. A few months later, Alderman Walter Burnett rescinded his objection in exchange for affordable units.
Fulton Street Companies also got the green light for its 34-story, 433-unit apartment building last year at 1201 West Fulton Market — the first in the area in over 10 years.
The firm’s website shows it acquired seven properties in the Fulton Market area. Five of them are commercial developments.
[Crain’s] — Connie Kim