Tower launches two-phase mixed-use, community-enhancing development from Tree Street Group and Magellan Development Group

Construction is underway on Chicago’s first geothermal, all-electric multifamily high-rise, which is being developed by Tree Street Group (TSG), a Chicago-based, fully integrated real estate development firm, with partners Magellan Development Group and Mark Goodman & Associates. Located at 410 N. Elizabeth St. in Chicago’s Fulton Market neighborhood, the 33-story building represents the first phase of a two-tower, mixed-use development.

410 N. Elizabeth will include 383 units, of which 77 will be designated as affordable, with 38 studio, 87 one-bedroom, 256 two-bedroom and two three-bedroom floor plans. Upon completion of both phases, the development will bring more than 724 total units, with 146 earmarked as affordable, to Fulton Market.

“The development stands out for so many reasons, and not just because it’s one of the few apartment towers breaking ground in Chicago this year,” said Rodrigo d’Escoto, principal at TSG. “Reaching this milestone is a result of the dedication and vision of our project partners, the faith of our investors in our construction-informed design model, and thoughtful collaboration with city officials and the community to create what we expect will become a model for sustainability and a beautiful addition to the neighborhood.”

J.R. Berger, president of Magellan Development Group added, “As a developer with deep Chicago roots, it’s especially meaningful to be part of such a forward-thinking project. The sustainable design is truly unlike anything that that’s been done here for a residential high-rise, and the impact on the neighborhood, not to mention the Chicago development community, will be significant.”

The pioneering geothermal design that will allow 410 N. Elizabeth to function as fully electric, was developed by Infinite Energy Partners, which will own and operate the system. Notable sustainable features include:

• Geothermal design reducing energy usage by up to 60%
• Fully electric for building heating, cooling and domestic hot water
• 30% reduced emissions
• 25% energy-related cost savings
• Triple-glazed window wall system by Reflection Window + Wall to enhance thermal comfort and reduce noise pollution

Community amenities that will be a part of the development include ground-floor retail spaces, a publicly accessible park and a 30-foot-wide pedestrian street running across the southern end of the site. The pedestrian way will eventually connect Elizabeth Street with Ogden Avenue, providing a gateway to the planned Fulton Market Metra Station.

Designed by Archeo Design Studio, each tower will feature a unique, gridded facade made up of metal paneling and glazing. The individual tower facades have been informed by their respective orientation so that the envelope can be maximized for energy efficiency.

Clark Construction Group serves as the project’s general contractor, with Integra-X-Builders providing construction management.

For more information on 410 N. Elizabeth, visit https://treestreetgroup.com/projects/410-north-elizabeth.

About Tree Street Group:

Tree Street Group (TSG) weaves together expertise across all aspects of the development industry. By fully integrating financing, design and construction, the firm delivers projects of the highest quality efficiently and effectively through construction-informed design, an approach conceived by founding Principals Rodrigo d’Escoto, Theodore Weldon and Ed Kruschka. The firm’s current pipeline includes approximately $1 billion in next generation developments emphasizing energy efficiency and sustainability. For more information, visit treestreetgroup.com.

About Magellan Development:

Founded in 1996, Magellan Development Group is a national leader in urban mixed-use real estate – investing in, developing and managing premier properties across the United States. Having delivered over $8 billion in total development value across residential, hotel, office and retail projects, Magellan prides itself on being a builder of neighborhoods that transcend traditional single-asset development. Its portfolio includes some of the most recognized addresses in the country, from the landmark St. Regis Chicago, Thompson Austin and W Nashville to the master-planned districts of Lakeshore East in Chicago and Union Square in Somerville, Mass. For more information, visit www.magellandevelopment.com.