Pearl Fulton Market's Developer Asks to Expand Its Planned Development

An application filed by Chicago 413 Carpenter LLC asked the Chicago Plan Commission to expand Planned Development 1578 at 370, 400 and 401 N. Morgan St. and 403 N. Carpenter St. in Fulton Market, incorporating an additional parcel at 400 N. Morgan St. into the site. The commission heard the proposal Sept. 17; the filing requests rezoning that parcel from its current M2-3 light-industry designation to DX-7 downtown mixed-use and then into the expanded planned development, growing the overall site from 133,021 to 144,787 square feet.

The address sits alongside Pearl Fulton Market, the 32-story, 494-unit apartment tower that developer VISTA Property and general contractor Skender topped out this year, according to RE Business Online. VISTA has described the tower as the first phase of a roughly 1,500-unit master plan for the broader site, and the September filing’s address cluster overlaps directly with that development.

Why it matters

Developers who have just topped out a tower rarely file a planned-development expansion on the adjoining parcel unless they intend to build more there. For other owners and brokers active in Fulton Market, a bid to grow an existing PD’s footprint by nearly 12,000 square feet is an early marker of where the next phase of a 1,500-unit master plan is headed, and it is the kind of filing worth tracking before site work or a building permit makes the next phase obvious to everyone.

The numbers

The application lists the current Planned Development 1578 net site area at 133,021 square feet, growing to 144,787 square feet if approved, an increase of 11,766 square feet. The filing references 427 units within its project description. The hearing was heard by the Plan Commission on Sept. 17, 2026; the public record reviewed for this report does not show the commission’s final vote or recommendation from that hearing.

What’s next

Because the Sept. 17 hearing’s outcome is not reflected in the record available for this report, this remains a proposed amendment rather than an approved one. The City Council would need to act on any Plan Commission recommendation before the rezoning and expanded planned development take effect. A subsequent permit filing on the newly incorporated parcel would be the clearest sign the next phase of VISTA’s master plan is underway. For more Fulton Market and Chicago development coverage, see Chicago.