Stanley Tigerman's Pensacola Place, a mixed-use, rent-condo-commercial project built in 1981, has always garnered attention for its grand western facade, a playful series of circular balconies meant to recall an Ionic column. But now, with a new owner planning an amenities upgrade, it may become a symbol of shifting rental prices and the Uptown revival. Crains' reports that Waterton Associates, who just picked up the 18-story building for $66 million, plan an amenity-heavy upgrade to lure renters from Lakeview and points south looking for cheaper rents in a gentrifying area. With a number of nearby projects in the works or in discussions, such as a lakefront tower at the old Cuneo Hospital site and a tower block at Broadway and Sheridan, there's increasing momentum for Uptown residential development.
If you're looking for a new northside address, you could do a lot worse than Pensacola Place, a short walk from both Montrose Beach and the under-renovation Wilson Red Line stop. However, as increased prices push more renters north, and more developers plant a flag in Uptown and either add new units or renovate older buildings, renting property will become much more competitive. Waterton sees the writing on the wall, and plans to redo the dated amenity floor, including adding a new workout facility, laundry room and business center, as well as installing cabanas and fire pits next to the outdoor swimming pool. The firm also sees expansion opportunities, and has discussed adding additional apartments on the large deck with Alderman James Cappleman.
·Waterton pays $66 million for Uptown apartments
·Previous Pensacola Place coverage [Curbed Chicago]
·Previous Uptown coverage [Curbed Chicago]