The increasingly popular trend of coliving—where individuals rent single bedrooms with shared kitchens and other common areas—is headed to the corner of Chicago Avenue and LaSalle Drive in River North.
Here, local developer Bucksbaum Properties will team up with New York-based coliving firm Common to build a
seven nine-story project with 36 dorm-style apartments with 108 rentable beds, according to Crain’s.
“River North is obviously a popular place,” Bucksbaum CEO John Bucksbaum told the publication. “At the end of the day, you’re trying to make River North affordable to those who might otherwise find it unaffordable.”
This will be Common’s sixth Chicago location: the company currently provides coliving offerings in Chicago’s Ukrainian Village, Lakeview East, and Pilsen neighborhoods. The design of its upcoming River North outpost comes from DLR Group and features a contemporary-meets-industrial look, similar to the firm’s nearby Moxy Hotel project.
The transit-oriented development (TOD) replaces a single-story currency exchange and parking lot, which sold for $4.2 million last fall. The new building includes ground-floor retail and zero parking spaces, according to a presentation shared by the River North Residents Association. The development team hopes to break ground next spring.
Just a short block to the west, developer AMLI Residential is planning to bring compact, transit-oriented living to an upcoming project at the corner of Chicago and Wells. Although the development’s 318 units aren’t shared, they are expected to be a cozy 550 square feet on average.
This post has been updated with a more current, nine-story rendering provided by the developer.