Tree Street Group, along with Magellan Development Group and Mark Goodman & Associates, has broken ground on 410 North Elizabeth. The project features a 33-story all-electric residential tower powered in part by a geothermal system designed to support the building’s heating, cooling, and hot water requirements.
Two-Tower Residential Development Breaks Ground in Fulton Market
According to Chicago Sun Times, the developers behind 410 North Elizabeth held a groundbreaking ceremony on July 28, 2026. The groundbreaking follows nearly three years of planning by Tree Street Group and Magellan Development Group.
Located in Fulton Market, the recent project is planned as a two-tower mixed-use property with 724 residences in total. This includes about 146 affordable housing units. The developers recently secured a $102 million construction loan to advance the project, according to Chicago Sun Times.
The groundbreaking marks the start of the construction’s first phase featuring the first tower, which is expected to deliver 383 apartments, including 77 affordable units. The building is set to feature a mix of 38 studio, 87 one-, 256 two-, and two three-bedroom residences.
The property also features 28,000 square feet of public green space, which includes outdoor retail, a dog park, and event space.
The project will also add a pedestrian route connecting Elizabeth Street and Ogden Avenue to improve neighborhood access.
Geothermal System to Support Sustainable Living
According to Magellan Development Group, the project will introduce Chicago’s first all-electric geothermal apartment tower. The system will use underground temperatures to support more than 80% of the tower’s heating, cooling, and hot water needs.
According to project developers, the geothermal system and other energy-efficient features are expected to reduce energy use by about 60%. In addition, it could lower emissions by 30% and save over 25% in energy costs. The project is also expected to avoid approximately 390 tons of carbon emissions annually.
Once complete, 410 North Elizabeth will add a new sustainable multifamily development to Chicago’s Fulton Market neighborhood.
