Luxury Apartments Are Coming to Chicago’s Neighborhoods
This is the 4th in a series of 6 blogs from the Urban Land Institute’s Fall Conference in San Francisco by Jacob Kosior.
It’s no surprise that multifamily development is booming across the country. The numerous cranes in and around downtown Chicago reflect a national trend of high-rise multifamily development, with a specific focus on high-end luxury rental units. Much has been made of the 3,400 luxury rental units coming to market this year, but not all apartments will be located in the downtown core.
Chicago is seeing increased development of smaller-scale, luxury neighborhood developments. There are still numerous high-rise projects set to deliver in downtown Chicago over the next two years, but developers are increasingly turning to neighborhoods outside the core for smaller, boutique properties that will resonate with a more diverse group of prospective renters than the high-rise living in River North, Streeterville, South Loop, and the Loop.
The projects below highlight a few unique Chicago developments that will offer residents the charm of neighborhood living with the luxury finishes and boutique setting that was previously only available to condo owners. We expect to see more Neighborhood Luxury in the years to come, and these projects are setting a high standard for new neighborhood developments outside downtown Chicago.
These two properties, the latest in a series of highly sought-after properties in the West Loop by Michigan Avenue Real Estate Group, will bring a combined 165 units to the booming West Loop neighborhood this spring. High-quality finishes – including bamboo hardwood floors throughout, custom cabinetry, quartz waterfall islands, and heating parking included in the rental price – coupled with prime locations in a booming neighborhood have set a new bar for luxury living in the West Loop. Jackson Throop Place (1241 W. Jackson Blvd) is designed as a traditional Chicago courtyard building with a beautifully landscaped interior space, while Madison Throop Place (1247 W. Madison Street) offers renters direct access to bustling Madison Street. At only four stories, these properties offer the feel of a boutique condo building with the convenience of a rental offering. Jackson Throop Place began leasing January 2016 and Madison Throop Place began leasing February 2016. Both properties are exclusively marketed by Luxury Living Chicago Realty.
Fifield Companies are no stranger to the Chicago multifamily market. Having single-handedly created the K Station neighborhood in the mid-2000s, the company is continuing its streak of successfully large-scale multifamily developments with NEXT set to deliver this fall and The Sinclair not far behind in 2017. Still, Fifield Companies are turning their attention to the neighborhoods as well, with the completion of Luxe on Madison II this spring and Luxe on Chicago this summer. Luxe on Chicago (1838 W. Chicago Avenue) will bring luxury finishes and a diverse unit mix to the West Town neighborhood when the property delivers this summer. Set between the booming areas of the West Loop and Wicker Park, West Town is sure to see increased development in the years to come and Luxe on Chicago will offer current residents a new option to upgrade the quality of their home while remaining in a diverse neighborhood setting. Similar to other neighborhood developments, the scale of the property will be in-line with high-end condo properties, offering prospective renters the best of both worlds in luxury apartment living. Luxe on Chicago is exclusively marketed by Luxury Living Chicago Realty with pre-leasing set to begin early this spring.
Logan Square’s “L” (2211 N. Milwaukee) is the first and largest of many luxury neighborhood rental buildings set to deliver in the Logan Square neighborhood. Located steps from the California Blue Line L station, this innovative property developed by Property Markets Group is going to be exceptional. With a conscious focus toward Transit Oriented Development (TOD), L will have over 200 dedicated bike spots and feature a “bike kitchen” complete with bike repair tools, multiple types of bike racks and a “bike only lobby” for convenient resident bike access. Finishes will be on par with other luxury full amenity buildings and in-building technology will be a highlight. L is exclusively marketed by Luxury Living Chicago Realty with pre-leasing set to begin early this spring.
Baker Development will begin construction this March on ELEVATE Lincoln Park, an ultra-luxury, mixed-use development with 191 apartments and 16,000 square feet of commercial space. The new development on Lincoln Avenue will replace the Lincoln Center condominium and retail complex, resulting in one of the first condo de-conversions in the city. The new Lincoln Park apartments will be completed in summer 2017 and will feature extensive amenities including a rooftop pool. ELEVATE Lincoln Park will be exclusively marketed by Luxury Living Chicago Realty. Those interested in learning more can sign-up now to receive construction and leasing updates.
Centrum – Lakeview
Centrum Lakeview is the first in a series of high-end, luxury rental properties being planned by active local developer Centrum Partners. Located in the 3400 block of N Lincoln adjacent to the Paulina Brown Line stop, Centrum Lakeview will offer high-end finishes in a boutique setting. Coupled with quick transit access and a prime location in the always popular Lakeview neighborhood, Centrum Lakeview will offer renters a much-need alternative to the portfolio of Class B properties currently available for renters in Lakeview and Lincoln Park. With additional properties planned for Wicker Park, Evanston, and Bucktown, Centrum Partners is hard at work to dominate the Neighborhood Luxury market in the years to come.
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