$102M Loan Secured for Fulton Market Tower Project at 400 N Elizabeth

A major development in Fulton Market is officially moving forward as initial funding has been secured for a long-planned mixed-use project at 400 North Elizabeth Street.

The development, led by Mark Goodman & Associates and Weldon Development Group, will transform a wedge-shaped site bordered by West Kinzie Street, North Ogden Avenue and nearby rail lines into a two-tower residential complex with significant public space.

The project recently secured a $102 million construction loan, a key milestone that signals real momentum after several years of planning and revisions. With permits already issued, including one for a tower crane, construction activity is expected to ramp up soon.

Designed by Archeo Design Studio, the development stands out not just for its scale, but for how the site is being used. Plans call for approximately 28,000 square feet of open green space, including a public park with terraces, seating areas, a dog run and outdoor dining spaces tied to future retail.

At the center of the site, a landscaped drop-off loop and drive aisle will connect Ogden Avenue to Elizabeth Street, helping organize traffic flow while maintaining pedestrian-friendly areas.

The first phase will focus on the eastern tower, which will rise 33 stories to about 395 feet. Inside, it will include 383 residential units, made up of studio, one-bedroom and two-bedroom layouts. The building will also feature a full amenity package, including a rooftop deck, along with a 150-space parking garage integrated into the podium levels.

A second tower to the west will follow, rising 31 stories, bringing the total development to 724 residential units. Of those, 146 units are designated as affordable housing, aligning with the city’s requirements and broader push for mixed-income developments.

In total, the project will include approximately 300 parking spaces, though the location itself is a major draw. Positioned near transit, major employment centers and the core of Fulton Market’s restaurant and office scene, the site continues to benefit from one of the strongest demand drivers in Chicago.

General contractor Clark Construction has been brought on to lead the build, further reinforcing the scale and seriousness of the project.

Summary

For those tracking Fulton Market real estate and development trends, this project reflects a broader shift in the neighborhood. Once dominated by warehouses and industrial uses, the area has evolved into one of Chicago’s most active development zones, attracting residential, office and mixed-use projects at a rapid pace.

While a full construction timeline has not yet been announced, securing financing is often one of the biggest hurdles. With that now in place, 400 N Elizabeth is positioned to become one of the next major additions to Fulton Market’s growing skyline.

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