Chicago's First Geothermal All-Electric High-Rise Breaks Ground
Key Highlights
- The project is Chicago’s first geothermal, all-electric multifamily high-rise, emphasizing sustainability and innovation
- Features include geothermal energy reducing energy consumption by up to 60% and lowering emissions by 30%
- Community amenities include retail spaces, green parks, and a pedestrian street connecting to future transit stations
CHICAGO, IL — On Tuesday, July 28, a groundbreaking ceremony was held at 410 N. Elizabeth St. in Chicago’s Fulton Market neighborhood for what will be the city’s first geothermal, all-electric multifamily high-rise.
In attendance were members of Tree Street Group (a Chicago-based, fully integrated real estate development firm); its partners the Magellan Development Group; Mark Goodman & Associates (a financing nand management company); Clark Construction Group (the project’s general contractor); Archeo Design Studio (the building designers); and representatives from the 27th Ward, the Chicago Mayor’s office, as well as friends, family and members of the Fulton Market community.
Success Amid Headwinds
The project had been in development for more than three-and-a-half years. High interest rates, volatile labor and materials prices, complex zoning regulations and many other challenges needed to be addressed before final financing could be secured.
The 33-story building represents the first phase of a two-tower, mixed-use development. The first phase will include 383 units, with 77 designated as affordable. Upon completion of both phases, the development will bring more than 724 total units—with 146 earmarked as affordable—to Fulton Market. In the course of construction the project will create more than 400 construction jobs.
“The development stands out for so many reasons, and not just because it’s one of the few breaking ground in Chicago this year,” said Rodrigo d’Escoto, principal at Tree Stree Group. “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 the 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 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.”
27th Ward Alderman Walter Redmond “Red” Burnett praised the developers for their patience and persistence. “Cities advance when public officials and private business meet and take a serious approach to the problems facing communities,” he said.
State-of-the-Art Sustainability
The pioneering geothermal design that allows 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 located adjacent to a publicly accessible park, which features green space 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.
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.
For more information on 410 N. Elizabeth, visit treestreetgroup.com/projects/410-north-elizabeth.