Fulton Market developer creating a life sciences campus, including neighborhood’s first public park

Trammell Crow is constructing a campus of buildings in Chicago’s Fulton Market neighborhood. The Flora Apartments tower on West Carroll Avenue is seen at center on April 29, 2024. A big slowdown in apartment construction will soon mean fewer options and higher rents for Chicago renters, but developer Trammell Crow said it is preparing to open a new apartment tower in the heart of Fulton Market, among the city’s most vibrant neighborhoods.

The company secured financing in 2022 for Flora Apartments, located one block south of its new life sciences and research tower at 400 N. Aberdeen St., just before rising interest rates and construction costs put a squeeze on new rental development. Twenty percent of the units will be reserved as affordable.

Even with the slowdown, Trammell Crow isn’t the only developer with an apartment project underway. Earlier this year, Shapack Partners, CRG and KMW Communities started construction on 220 N. Ada St., a 308-unit tower several blocks west of Flora Apartments. It’s a welcome move, said Damone Richardson, a Coldwell Banker broker and Fulton Market resident since 2010.

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