After being named one of the nation’s hottest ‘hoods in 2015, Andersonville continues to build momentum into 2016 as a three-story office building prepares to find new life as high-end apartments. Located just east of the redevelopment proposed for long-vacant Edgewater Medical Center, the conversion at 5701 N Ashland will be headed by City Pads LLC. According to Edgeville Buzz, the Chicago-based developer acquired the 1974 commercial structure for $975,000 and landed a $1.45 million construction loan last year. In addition to the interior rehab, the outside will be refreshed with the slit-like 1970s windows punched out and enlarged.
The building’s ten existing ground-floor parking spots are set to remain but will be enclosed as part of the planned renovation. Since the address is too far from mass transit to receive TOD eligibility, the site’s requisite 1:1 parking ratio will cap dwelling units also at ten. The parcel required a minor up-zoning to B3-3 in order to increase unit count past the five that was allowed under the site's previous B3-2 designation.
Two of the development’s total units will be single-bedroom with the remaining eight to feature a pair bedrooms each. One apartment will be set set aside as affordable housing and rented below market rate, as per Chicago ordinance. Work on the project is expected to begin shortly and take roughly nine months to complete.
- Andersonville Office Complex Gets $1.45 Million Rehab, Will Become Apartments [Edgeville Buzz]
- Edgewater Residents to Host One More Meeting About Apartment Plan [Curbed Chicago]
- Previous Andersonville coverage [Curbed Chicago]