Chicago's Old Town is on the cusp of a major construction boom with no less than three new projects stepping into light. First up is developer Sedgwick Properties who has landed a building permit to construct a new seven-story building 307-313 W North Avenue. The new structure will house 69 residential units, ground floor retail, and an underground parking component. Sedgwick paid $8.8 million for the former parking lot last year. The Chicago-based developer is also behind 1325 N Wells, a seven-story, 60-unit residential development that officially broke cover last month.
Just one short block east of Sedgwick’s North Avenue site, JAB Real Estate plans a similarly sized 60-unit apartment building. According to Crain’s, the developer acquired the connected buildings at 227 and 233 W North Avenue for $5.8 million and plans to begin demolition this summer. The proposed six-story structure is designed by Space Architects + Planners and will be clad with limestone and brick. The mixed-use development will also include 2,000 square feet of retail space and 20 parking stalls.
Meanwhile, New York-based Jenel Management scooped up the former Bistro Margot property at 1437 N Wells and two adjacent low-rise buildings, including a pet store that was shuttered under Chicago’s anti-puppy mill ordinance. While no specifics such as building height or unit count have been disclosed, it was confirmed that Jenel plans to replace the three existing structures with a multi-story, multi-family residential development that would also include ground floor retail along Wells.
Old Town is heating up as the first phase of the massive Atrium Village redevelopment moves forward and a boutique hotel slated for the site of the O’Briens restaurant at 1528 N Wells seeks city approval.
- Old Town getting 60-unit apartment building [Crain's]
- Au revoir to Bistrot Margot building in Old Town redevelopment [Crain's]
- Old Town archives [Curbed Chicago]