FULTON MARKET – Construction of a 16-story life sciences facility will begin this summer at Fulton Market.
The building is expected to be completed in 2024, and it will be the first of its kind dedicated to Chicago’s life sciences and biotechnology industry, according to a press release. It will sit on 1.5 acres of land at 400 N. Elizabeth St. owned by Chicago-based real estate firm Mark Goodman & Associates, Inc.
The building will be designed by architectural firm Solomon Cordwell Buentz and will feature 503,000 square feet of lab, office and research space, 123 underground parking spaces, a fitness center and a ground-level neighborhood cafe. -pavement.
The facility will be suitable for all kinds of life science concentrations, including medical devices, pharmaceuticals, clean energy, biotechnology, food science, nanotechnology and more, according to Mark Goodman & Associates.
“Because the industry is experiencing record levels of funding and job growth, the demand for new end-user-friendly life science labs and building offices is unprecedented,” said the director. Mark Goodman in a statement. “With 400 N. Elizabeth, Chicago will have one of the only new R&D/Laboratory buildings designed by and for scientists to create best-in-class innovation.”
Many factors — including Chicago’s highly skilled workforce, medical research institutes, and the fact that it is home to the second-largest urban medical district in the United States — make the addition of 400 N Elizabeth St. a smart choice, according to Mark Goodman & Associates. Executives also said the building in Fulton Market will attract professionals who want to work in life sciences but also want great neighborhood amenities.
Construction plans include improving the streetscape and adding a pedestrian walkway to connect Elizabeth and Kinzie streets to Ogden Avenue and the center of Fulton Market. The freeway will also connect to the proposed Metra station on Ashland Avenue, and it will be a neighborhood gathering place, Goodman said.
There will be seating, planters, spots for food trucks and neighborhood art, Goodman said.
Pre-construction work on the site will begin immediately. Demolition of the current building, the former distributor of Lakeshore Beverage, will begin later this year, according to Mark Goodman & Associates.
The inauguration of the building will begin in 2023 and the construction should last 20 months.
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