Developers Sedgwick Properties officially announced a seven-story residential building headed to 1325 N Wells in Chicago’s Old Town neighborhood. Sedgwick demolished the single story former Tiffany Decorating building in the summer of 2015 after paying $4.5 million for the property the year before. The upcoming 60-unit development will be comprised of one-, two-, and three-bedroom luxury apartments ranging roughly in size from 600 to 1,400 square feet. In addition to private balconies, 1325 N Wells will include a shared rooftop terrace complete with wading pool, outdoor kitchen, and fire pit.
While an earlier building permit outlined below grade parking, a more recent revision specified 30 spaces to be located on the structure’s ground floor. With the first level of the development also featuring 1,800 new square feet of retail space and no curb-cut or garage entry visible in the single rendering provided, it’s possible that vehicle ingress and egress will occur in the alleyway running behind the site.
According to Sedgwick Properties, 1325 N Wells has an anticipated delivery of spring 2017. The firm has been busy with a number of projects including Hermitage 1611 and 1545 W North in Chicago’s Bucktown neighborhood. In Old Town, the Sedgwick also acquired a parking lot at 301 W North Avenue in early 2015, but specific plans for that property remain to be announced.
Wells Street is certainly heating up these days. Work has begun on the giant multi-phase Atrium Village redevelopment while a plan for a boutique hotel to replace the O’Briens restaurant at 1528 N Wells is currently navigating the early stages of the city’s approval process.
- Sedgwick Properties Betting on New Growth in Old Town [Curbed Chicago]
- Old Town site sells for $4.5 million [Crain's]
- Previous Old Town coverage [Curbed Chicago]