Design and Construction Report staff writer
Construction is underway on a 33-story mixed-use residential tower in Chicago’s Fulton Market neighborhood that developers say will become the city’s first geothermal-powered, all-electric multifamily high-rise.
Magellan Development Group has joined Tree Street Group and Mark Goodman & Associates as a development partner on 410 N. Elizabeth, a two-tower mixed-use project designed to introduce a new model for sustainable residential construction.
Archeo Design Studio is serving as architect of record. Clark Construction Group is the general contractor, working in partnership with Integra-X-Builders.
The first phase of the development is moving forward following the closing of construction financing and will deliver 383 residential units, including 77 affordable housing units. Once both phases are complete, the project is expected to provide more than 724 residences, including 146 affordable units, along with ground-floor retail and publicly accessible green space.
The project will also include a pedestrian connection between Elizabeth Street and Ogden Avenue, helping link the development with the surrounding Fulton Market neighborhood.
A key feature of the development is its geothermal energy system, which will use underground temperatures to help meet the building’s heating and cooling needs. Combined with other high-performance building features, the system is projected to reduce energy use by about 60%, lower emissions by 30% and provide energy cost savings of more than 25%.
The project represents an expansion of Magellan Development Group’s portfolio of urban developments in Chicago, with the company positioning 410 N. Elizabeth as a benchmark for sustainable residential construction.
The development is planned as the first phase of a larger mixed-use community intended to add housing, retail and public space to one of Chicago’s fastest-growing neighbourhoods.
