Guinness Brewery, planned office tower at Fulton Market
Details of each project remain unclear and Latsko and Burnett could not be reached for comment. A Guinness spokeswoman declined to comment. But development plans are expected to bring to life a plot of Fulton Market that has remained largely fallow while nearby properties have been turned into trendy offices, hotels and restaurants.
Fulton Market has proven to be just as magnetic to corporate users during the COVID-19 pandemic as it was before, with companies like Kimberly-Clark, Calamos Investments and other prominent names pouring into the hallway as Google, McDonald’s and Mondelez International are already calling home.
The Guinness Project will establish a large-scale outpost for the beer brand in a rapidly evolving downtown area full of upscale places to dine and drink. Among other recent additions to the neighborhood, Chicago restaurant veteran Billy Dec announced plans this month to open a location for his Sunda New Asian restaurant at 333 N. Green St., just a block away. of houses from where Guinness plans its place.
Latsko has launched plans to develop the 375 N. Morgan property before, including land in 2017 for an 11-story office building on the site, but has done nothing since purchasing the land in 2012. for $ 1.4 million, according to Cook County property records.
It is possible that the latest office plan will meet the same fate, although the development of new offices in the neighborhood has not slowed down during the pandemic. Developer Sterling Bay recently opened a new office building immediately south of the Latsko property at 345 N. Morgan St.
If the 33-story plan came true, the building would be among the tallest structures in Fulton Market. The new office buildings along the eastern edge of the corridor are about 20 stories high, while the proposed apartment projects further west at Fulton Market are slated for almost 30 stories. Related Midwest is expected to develop a 43-story apartment tower at 900 W. Randolph St., which would eclipse its surroundings as the tallest structure in the neighborhood.
Burnett introduced an order at the September 14 city council meeting to extend a deadline for the city to vacate part of the site along Latsko’s property to make way for office development.
Latsko is best known for developing high-end commercial properties in areas like the Gold Coast and Lincoln Park. He acquired the Morgan Street property from a bank that filed for foreclosure on the site after its former owner defaulted on a $ 3.4 million loan.
Latsko was then in talks with the company that operates the Akira clothing stores and a local craft brewer to occupy a potential project. But Fulton Market had not begun to take its current form, and foot traffic near the site was minimal as it is zoned as a planned manufacturing district, where residential development is not permitted.