Not a week goes by without seeing a story somewhere about the changes happening along Milwaukee Avenue—particularly in Wicker Park and Logan Square. Longtime retail tenants are closing up shop in the heart of Wicker Park, meanwhile up the street in Logan Square, hundreds of brand new apartments are being constructed. The prices of these new units have caused sticker shock to many, as it's still difficult for a lot of people to believe that there will soon be apartments along Milwaukee Avenue that will literally cost thousands of dollars per month to live in. But you want to know something crazy? People will be renting these apartments.
Mark Sutherland of Wicker Park Apartments, Inc. tells us that the new 40-unit transit-oriented development being built at 1515-1517 W. Haddon in Wicker Park is over 70% leased two and a half months before its opening. And the rents for the building aren't exactly cheap either. The rent prices are almost identical to those being asked for the new developments being built in Logan Square. A 700-square-foot one-bedroom will set one back around $1,800, while two-bedroom units are going for $3,400 per month. A three-bedroom unit will cost $3,500 to $3,600 per month, which comes out to $42,000 per year.
However, tenants of these new buildings will get some perks and amenities that are more typical of rental developments found downtown. The new 1515 W. Haddon development, designed by Brininstool + Lynch, will be LEED Gold certified, and will feature things like electric car charging stations, a rooftop solar panel installation, and plenty of bike storage. However, parking will cost renters an additional $200 per month.
The same developer building the new apartments on Haddon Avenue is also working on another rental project just a block away. The upcoming East Village Lofts will transform an old church at 1056-1100 North Ashland Avenue into a five-story, 34-unit rental development. The developer has applied for building permits and is expected to start on the project in the coming months.
- Mapping Chicago's Growing Transit-Oriented Developments [Curbed Chicago]
- Mapping the Development Boom Along Milwaukee Avenue [Curbed Chicago]
- Small Businesses Are Struggling to Stay Afloat in Wicker Park [Curbed Chicago]
- Transit-Oriented Development Planned for East Village Church [Curbed Chicago]