Magellan Development Group is proud to join Tree Street Group and Mark Goodman & Associates as a development partner on 410 N. Elizabeth, a landmark new multifamily community in Chicago’s Fulton Market neighborhood.

Construction is underway on the 33-story tower following the closing of construction financing. The building will be the first phase of a planned two-tower, mixed-use development and is expected to become Chicago’s first all-electric multifamily high-rise powered by geothermal energy.

The first tower will introduce 383 residences, including 77 designated affordable units. Upon completion of both phases, the development will provide more than 724 residences, including 146 affordable units, along with ground-floor retail and publicly accessible green space. A pedestrian connection between Elizabeth Street and Ogden Avenue will further integrate the community into the evolving Fulton Market neighborhood.

At the center of the project is an innovative geothermal system that will use the earth’s underground temperature to support the building’s heating and cooling needs. Together with additional high-performance design features, the system is projected to reduce energy use by approximately 60 percent, lower emissions by 30 percent and deliver energy-cost savings of more than 25 percent.

For Magellan Development Group, the partnership builds upon the company’s longstanding commitment to Chicago and its history of creating forward-thinking urban communities. The development of 410 N. Elizabeth represents an opportunity to establish a new standard for sustainable residential development while demonstrating continued confidence in the long-term strength and future of Chicago.

Archeo Design Studio is serving as architect of record, and Clark Construction Group is the project’s general contractor, working in partnership with Integra-X-Builders.

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