Enrico Plati of Savoy Development formally introduced his company's proposal for a large 66 unit single room occupancy-style project to a packed audience at the Haas Park Fieldhouse last night. The five story building would feature 63 studios, 3 one bedroom apartments, 10 parking spaces and roughly 5,000 square feet of ground level retail. The developer believes that Chicago is lacking micro-apartments and that this development would fill a much needed gap in the housing market. Some residents voiced concerns about the SRO component of the development, worrying that it could attract transient residents. Plati stated that the whole intention of the development is to attract young professionals, service industry workers, students and other residents who can't afford a larger space and that leases would be signed for one year periods. Sounds good right? Well, not entirely.
The studio spaces will be 320 square feet, and run $1,000 per month, which many considered to be quite steep for the fast-gentrifying neighborhood. Plati stated that they came to that figure based on the financing of the project, and that if the price were any lower, the development could not proceed. Plati also backpedaled a bit on the SRO aspect, stating that this development would not necessarily be like other SROs (which historically represent affordable housing), as most SROs generally lack amenities, quality and are viewed as undesirable places to live. However, according to the developer, this new studio project would be a "progressive" one, as well as a "safe, convenient place to live."
· This High-Density Studio Development May Be Coming To Logan Square [Curbed Chicago]
· Previous Logan Square coverage [Curbed Chicago]