Rare Fulton Market site with pre-entitled flexibility for office or residential use
CHICAGO (May 11, 2026) – Cresa has brought to market 415–417 N Sangamon Street, a rare pre-entitled development site in Chicago’s Fulton Market district, offering investors and developers a flexible path across office, residential, or mixed-use programming.
The approximately 0.53-acre, four-parcel assemblage is fully entitled for a 17-story, 260-foot mixed-use tower, with city council approvals already secured and more than $2.6 million in entitlement-related costs paid by the previous developer.
The site is positioned for immediate advancement, allowing a new owner to bypass the time, cost, and risk typically associated with zoning and approvals.
“Opportunities like this don’t come around often in Fulton Market,” said Marcus Cook, Managing Principal at Cresa. “A buyer is stepping into a position where the most uncertain part of the development process is already behind them. From here, it becomes about execution and aligning the program with where demand is today.”
Fulton Market continues to distinguish itself as one of Chicago’s most durable and supply-constrained submarkets, with fundamentals that support new development across both office and residential uses. The neighborhood remains a focal point for new development activity, with a steady pipeline of office, residential, and mixed-use projects reinforcing its position as one of the city’s most active growth corridors.
Average asking rents in downtown Chicago climbed to $46.64 per square foot in the first quarter, driven by Class A leasing momentum in the West Loop, where more than 490,000 square feet of transactions were completed, according to Cresa’s first quarter downtown office report.
At the top end of the market, trophy buildings are now achieving rents in the low-to-mid $70s gross — an all-time high — reinforcing sustained demand for well-located, high-quality product and supporting new development at the highest tier.
The property is located at the northeast corner of Sangamon Street and Kinzie Street, in the heart of Fulton Market, with proximity to major employers including Google and McDonald’s global headquarters, along with immediate access to transit, retail, and restaurant corridors.
While the previously approved plans were office-led, the site supports multiple redevelopment strategies, including residential or mixed-use concepts, reflecting evolving market dynamics and continued demand for high-quality assets in Fulton Market.
“There’s real flexibility here,” said Patrick Kobilca, Vice President at Cresa. “The entitlement work that’s been completed gives a developer optionality. Whether someone is leaning office, residential, or a hybrid approach, they’re starting from a place of strength instead of having to solve for entitlement risk.”
In addition to its development readiness, existing short-term tenants provide income to cover carrying costs while a buyer advances their development program. The site also benefits from bonus density already secured under Chicago’s zoning framework, further enhancing its development potential.
Cresa is managing a structured offering process with a select group of qualified buyers and a defined timeline for offers.
About Cresa
With 1,350 employees and 56 offices across North America, and supported by its global alliance with Knight Frank, Cresa is the world's leading commercial real estate advisory firm that exclusively represents occupiers and specializes in the delivery of fully integrated real estate solutions. We think beyond space to find and foster the best environment for every business. Delivered across every industry and supported by world-class technology, Cresa's services include Transaction Management, Project & Development Services, Workplace Solutions, Location Advisory, Portfolio Solutions, Lease Administration, Capital Strategies and Strategic Consulting. For more information, please visit cresa.com.
Media Contact
Glenn LaFollette
773-812-9555
[email protected]
The approximately 0.53-acre, four-parcel assemblage is fully entitled for a 17-story, 260-foot mixed-use tower, with city council approvals already secured and more than $2.6 million in entitlement-related costs paid by the previous developer.
The site is positioned for immediate advancement, allowing a new owner to bypass the time, cost, and risk typically associated with zoning and approvals.
“Opportunities like this don’t come around often in Fulton Market,” said Marcus Cook, Managing Principal at Cresa. “A buyer is stepping into a position where the most uncertain part of the development process is already behind them. From here, it becomes about execution and aligning the program with where demand is today.”
Fulton Market continues to distinguish itself as one of Chicago’s most durable and supply-constrained submarkets, with fundamentals that support new development across both office and residential uses. The neighborhood remains a focal point for new development activity, with a steady pipeline of office, residential, and mixed-use projects reinforcing its position as one of the city’s most active growth corridors.
Average asking rents in downtown Chicago climbed to $46.64 per square foot in the first quarter, driven by Class A leasing momentum in the West Loop, where more than 490,000 square feet of transactions were completed, according to Cresa’s first quarter downtown office report.
At the top end of the market, trophy buildings are now achieving rents in the low-to-mid $70s gross — an all-time high — reinforcing sustained demand for well-located, high-quality product and supporting new development at the highest tier.
The property is located at the northeast corner of Sangamon Street and Kinzie Street, in the heart of Fulton Market, with proximity to major employers including Google and McDonald’s global headquarters, along with immediate access to transit, retail, and restaurant corridors.
While the previously approved plans were office-led, the site supports multiple redevelopment strategies, including residential or mixed-use concepts, reflecting evolving market dynamics and continued demand for high-quality assets in Fulton Market.
“There’s real flexibility here,” said Patrick Kobilca, Vice President at Cresa. “The entitlement work that’s been completed gives a developer optionality. Whether someone is leaning office, residential, or a hybrid approach, they’re starting from a place of strength instead of having to solve for entitlement risk.”
In addition to its development readiness, existing short-term tenants provide income to cover carrying costs while a buyer advances their development program. The site also benefits from bonus density already secured under Chicago’s zoning framework, further enhancing its development potential.
Cresa is managing a structured offering process with a select group of qualified buyers and a defined timeline for offers.
About Cresa
With 1,350 employees and 56 offices across North America, and supported by its global alliance with Knight Frank, Cresa is the world's leading commercial real estate advisory firm that exclusively represents occupiers and specializes in the delivery of fully integrated real estate solutions. We think beyond space to find and foster the best environment for every business. Delivered across every industry and supported by world-class technology, Cresa's services include Transaction Management, Project & Development Services, Workplace Solutions, Location Advisory, Portfolio Solutions, Lease Administration, Capital Strategies and Strategic Consulting. For more information, please visit cresa.com.
Media Contact
Glenn LaFollette
773-812-9555
[email protected]