The very first tenants of the new Lakeview 3200 development at the busy Belmont and Clark intersection began moving into their apartments in January. The new project, which features 90 rental apartments and 40 parking spaces, is the first major transit-oriented development opening for 2017, but there are many more on the way across the North Side.
Upon entering the building, you’ll find yourself in a small lobby area on the Clark Street side. But the bulk of the first two levels of the building will soon feature a 33,000-square-foot Target store—one of two new locations planned for the neighborhood. BlitzLake partner David Blitz informed us the development will also feature about 5,000 square feet of leasable office space directly above the Target store. Located on the third level, the office space hangs over the action on Belmont but is still sits low enough to get a sense of place.
The plan for the mid-rise was originally introduced back in September 2013 as a glassy 10-story mixed user with three levels of retail, three levels of parking, and four levels of apartments. However, just a couple of months later, the design received a complete overhaul and one story was added. After being presented to the community in early 2014, the plan was finally chopped down to the eight stories that was eventually approved and built.
Longtime North Side Chicago residents, particularly ones into punk music, know the intersection well. With the famous Alley store next door and the Metro within walking distance, the gritty corner was a popular hangout spot for teenagers in the ‘80s and ‘90s. The Dunkin’ Donuts that previously anchored the corner was sentimentally nicknamed “Punkin’ Donuts” by the ravers and punk rockers who used to convene at the store. But as the years passed, the neighborhood changed and lost its edge and its reputation as a hotspot for the counterculture.
Despite its storied past, the Belmont and Clark intersection has evolved and the new Lakeview 3200 development represents a higher use for the site and with it, some welcomed density—that is, if development fills up. Like the numerous other rental projects that have recently opened next to major transit hubs, rents at Lakeview 3200 aren’t exactly cheap.
Reps working with BlitzLake tell us that units start around $1,750 per month. Considering that downtown apartments rent for just one or two hundred dollars more, it’s hard to justify the premium price tag considering the fit and finishes of the units and the amenity offerings. The apartments have an unrefined look and feel to them, complete with exposed concrete ceilings and support pillars. Sure, it’s fair to go for the “loft” look—and others are doing the same thing—but ultimately, the units feel little more than glorified dorm rooms.
However, many renters who will call Lakeview 3200 home probably care more about the location than anything else. And the location is tough to beat—it’s in the heart of Lakeview and its unique pocket neighborhoods. Renters not only have many transit options, but grocery shopping, entertainment, and nightlife are all well within walking distance. And when the new Target store opens this summer, residents won’t even have to leave the building to grab a snack or supplies.
To help entice renters, reps working with BlitzLake tell us that the developer is offering two months of free rent to tenants who sign a lease before May 1. While the building was mostly quiet and sparse when we visited, there’s little doubt that by the time the rooftop space opens for the summer that the building (and the intersection) will be quite lively.