1016 W. Lake Street Hotel, Fulton Market

Chicago's City Council approved a 143-room, 15-story hotel for a Fulton Market parking lot in February 2024, promising net-zero-carbon operation and WELL/LEED certification. Developers Cogswell Realty and Erol Stapleton targeted a summer 2024 groundbreaking and an early-2026 opening; as of August 2026, neither construction nor a brand announcement has been reported.

The place

The site sits at the northeast corner of Lake and Carpenter streets in Fulton Market, on a surface parking lot a Stapleton-led venture acquired for roughly $6.6 million in 2023. The location places the project two blocks from Google's Midwest headquarters and within the gallery and restaurant district that has driven Fulton Market's transformation from meatpacking corridor to one of Chicago's densest concentrations of hospitality and office development.

The concept

As approved by the Chicago Plan Commission and City Council, the project calls for a 15-story, 220-foot building of roughly 116,200 square feet, designed by M Moser Associates. The plans describe a ground-floor lobby and small commercial space, amenity floors on levels two and three, and a 3,400-square-foot sky lounge with an outdoor deck on the top floor; the east facade was designed to carry a large-scale community mural, and the hotel would operate without on-site parking, relying on valet service. The developers pitched the project as pursuing WELL and LEED certification and net-zero-carbon operation, with solar panels and bird-friendly glass among the stated features. No hotel brand, operator, or independent concept name had been disclosed at approval, and none has surfaced since; room count was approved at up to 143, though early coverage indicated the developers intended to build closer to 130.

Dining & wellness

No restaurant, bar, or food-and-beverage concept has been disclosed. The approved plans reference only the ground-floor lobby, a small commercial space, and the top-floor sky lounge; specific operators or dining programming were not part of the public approval record.