What Cedar Street’s 300-Unit Apartment Project Tells Us About Fulton Market’s Value

Cedar Street Companies is doubling down on Fulton Market with the $12.7 million acquisition of a development site at 370 North Carpenter Street, where it plans to build a 300-unit apartment project. The site was sold by Mark Goodman & Associates, who had previously proposed an office development but never moved it forward. Cedar Street’s shift to multifamily reflects the neighborhood’s continued strength as a residential and mixed-use hub.

Located near the epicenter of Fulton Market’s ongoing transformation, 370 North Carpenter Street sits just west of downtown Chicago, close to Google’s Midwest headquarters, trendy restaurants, and CTA transit lines. The property is zoned for up to 130,000 square feet of development, providing Cedar Street with immediate flexibility to proceed with a large-scale residential project.

Fulton Market has evolved rapidly over the past decade, transitioning from an industrial corridor into one of the city’s most desirable neighborhoods. Corporate giants like McDonald’s, Mondelez, and Kimberly-Clark have moved in, while developers continue to reshape the skyline with apartments, hotels, and offices. Cedar Street’s project would add to this momentum, offering much-needed housing in a submarket where Class A apartment rents are now averaging over $4 per square foot.

The proposed 300-unit development at 370 North Carpenter would be one of Cedar Street’s largest ground-up projects to date. While specific designs have not been released, the firm’s recent projects suggest the building will include modern amenities, efficient unit layouts, and a design that fits the industrial-modern character of the area.

The sale also highlights a broader trend in the Chicago real estate market: the pivot away from speculative office development toward multifamily. Mark Goodman & Associates originally envisioned a 147,000-square-foot office building for the site but opted to sell instead, likely influenced by ongoing shifts in office demand post-pandemic. Cedar Street’s acquisition signals continued investor confidence in urban living, especially in neighborhoods that offer strong job access, walkability, and transit connections.

Despite rising interest rates, Fulton Market remains one of the few downtown Chicago areas still drawing significant development interest. Cedar Street’s move to bring 300 units to 370 North Carpenter Street reinforces that this neighborhood remains one of the city’s most bankable bets for long-term growth.

As Cedar Street moves forward with development, this project is poised to play a major role in shaping the next chapter of Fulton Market’s transformation.