A new $80 million project that would redevelop and replace the 30 condominiums and 28 retail spaces of the Lincoln Centre with 225 new luxury apartments was unveiled this week. The project is intended to give what the developer calls a "broken" stretch along 2518-2540 N. Lincoln Avenue in the DePaul neighborhood a much needed "shot in the arm".
The plan includes two buildings, one which will serve as the main retail and parking structure and will sit along Lincoln Ave, the second which be located on Altgeld Avenue will stand at 11 stories and contain 225 apartments. The rental units will average 900 square feet and are expected to start at $2,000 per month, although the building's 12 penthouse units will likely fetch a bit more (these ain't no dorm rooms). The plan would also replace two thirds of the existing retail space with 200 parking spots, of which 50 will be reserved for public use.
Baker Development already owns the retail space and has signed contracts for all the condos in the Lincoln Centre but still needs Aldermanic support to make the zoning change. Warren Baker, president of Baker Development believes that the parking spaces will be a "gigantic contribution to the community". A bit presumptuous? Or perhaps looking for a zoning change in return?
The developer estimates that once all hurdles have been tackled and plans rubber stamped, ground will be broken on the site within a year and future tenants can start leasing after the project hits its two year mark.
·Developer: 11-Story Apartment Building Would Revitalize Lincoln Avenue [DNAinfo Chicago]
·Developer plans 225-unit apartment building in Lincoln Park [Chicago Real Estate Daily]