Market to create construction jobs in Chicago
Posted on April 30, 2019
Several city leaders are coming together to highlight a new project that is creating Chicago manufacturing jobs.
Alderman Burnett (27th Ward), development partners Shapack and Focus and capital partner Walton Street Capital are breaking ground on the latest project in Fulton Market District, building on years of investment in an area that is now powering the city’s growing tech and innovation ecosystem.
“In recent years, the Fulton Market District has been reborn and is now home to some of the world’s largest technology, consumer brand and professional service businesses,” said Mayor Emanuel. “By working closely with the community and Alderman Burnett, we have been able to ensure this neighborhood is a vibrant, mixed-use economy of the 21st Century, while also harnessing this growth to support economic development throughout the City.”
In June 2016, Mayor Emanuel expanded the Downtown Zoning District to include the West Loop and Fulton Market District. This change catalyzed approximately two dozen commercial, residential and mixed-use Planned Developments, valued at more than $2.3 billion. These projects are supporting approximately 7,000 construction jobs and are projected to commit more than $52 million to the Neighborhood Opportunity Bonus payments. Neighborhood Opportunity Bonus funds are used to support commercial corridor projects on the West, Southwest and South sides along with local infrastructure and citywide landmarks.
“This latest development builds on Fulton Market’s historic roots as economic engine in Chicago,” said Alderman Burnett. “We will continue to work closely with community members and the City as we continue modernizing infrastructure, beautifying the corridor and making it suitable for the mixed-use economy of the 21st Century.”
The new 17-story building at 167 North Green will create 250 construction jobs and more than 4,000 permanent jobs when fully occupied. Additionally, the project provided $5.8 million in a Neighborhood Opportunity Bonus payment in order to exceed their locations base zoning by more than 250,000 square feet. The 10% local portion of the Neighborhood Opportunity Bonus payment will be applied toward streetscape and field improvements at Skinner park.
“167 North Green further merchandises Fulton Market District’s core bringing more than 600,000 square feet of office space and 35,000 square feet of urban retail to Green and Halsted Streets,” says Jeff Shapack, Founder & CEO of Shapack Partners. “Brands are attracted to the neighborhood because of its dynamic mix of restaurants, event venues, residential, office, hotels and retail. 167 North Green is located in the epicenter of this momentum, and provides office tenants large floor plates, unobstructed view corridors, and easy access to the City’s transit system.”