With apartments continuing to hold steady as the most lucrative sector of Chicago’s real estate market, the complicated process of “deconverting” existing condominiums into freshly refurbished rental units is gaining popularity. One such project in the Lakeview neighborhood is ready to start welcoming its first tenants.
Situated at 420 W. Belmont, the 206-unit Wave Lakeview apartments occupy the 30-story 1967 tower that was once known as Bel Harbour condominiums. The largest Chicago deconversion project to date, Wave comes from New Jersey-based developer Strategic Properties of North America.
While some of the building’s mix of studio, one- and two-bedroom apartments are listed as move-in ready, the address was curiously granted a $5 million renovation permit only yesterday. The scope of the work involves replacing unit finishes including lighting, door hardware, kitchen appliances, and plumbing fixtures.
Updated amenities at Wave include 24-hour door staff, a fitness center, package room, and an indoor pool on the tower’s 30th floor.
- Renovation/alteration permit at 420 W. Belmont [Chicago Cityscape]
- This could be the biggest condos-to-apartments switch in the city [Crain’s]
- Wave Chicago [website]