Yesterday, Sterling Bay celebrated the structural completion of 225 N. Elizabeth, the firm’s latest residential development in Fulton Market. A topping-out ceremony was hosted on the 26th floor of the building, attended by Vice Mayor and 27th Ward Alderman Walter Burnett, Jr., Sterling Bay’s project leadership team and partners at Ascentris, McHugh Construction, and Hartshorne Plunkard Architecture (HPA). The project partners celebrated the construction milestone with a beam signing ceremony. As Sterling Bay and Ascentris’ second residential development in the neighborhood, 225 N. Elizabeth will deliver 350 units of premium, amenity-rich living space to continue accommodating the growing demand for rental units in this thriving Chicago submarket.
With 240 feet of frontage along Fulton Street, 225 N. Elizabeth will be the first high-rise residential development on this popular corridor. Featuring ample access to outdoor space on two green rooftops, 225 N Elizabeth offers space for peaceful oasis, as well as an indoor/outdoor fitness center, pool and lounge area. Pet owners will enjoy access to an on-site grooming suite and an outdoor dog turf play area on the third level.
225 N. Elizabeth is being developed in partnership with Ascentris, a Denver-based real estate private equity firm, and includes financing from Citizens and Old National Bank. Ascentris is also partnering with Sterling Bay on The Dylan, a Fulton Market residential development at 160 N. Morgan.
Designed by Chicago-based HPA, 225 N. Elizabeth is a bright, glass-filled tower punctuated by dark bands of metal that harken back to the neighborhood’s history as an industrial warehouse district. The refined yet gritty character compliments both historical and modern neighboring structures. From the welcoming lobby to the amenities inside and out, the interiors incorporate raw and tactile elements within a bright, neutral space. Residents will also enjoy floor-to-ceiling windows, providing an abundance of natural light and unparalleled views.
Sterling Bay’s development of 225 N. Elizabeth supports Chicago’s ongoing efforts to increase the availability of affordable housing options for the city’s residents with 70 affordable units on-site.
Pre-leasing for 225 N. Elizabeth will begin in early 2024, with the first units expected to deliver to tenants in March 2024. Interested tenants can learn more about the property at a leasing center at 370 N. Carpenter. The leasing center will open later this summer for The Dylan at 160 N. Morgan and will transition to leasing for 225 N. Elizabeth in October.
