Rents at the Gold Coast’s 61 Banks Street apartments will start at $7,200 per month

After breaking ground in late 2017, the luxury apartment development at 61 E. Banks Street is searching for renters to fill its 58 units which start at $7,200 per month. The eight-story project, from developer Draper and Kramer, is the Gold Coast’s first new residential building along Lake Shore Drive in three decades, replacing a longtime parking lot.

Designed by Chicago architecture firm Booth Hansen, 61 Banks Street features a stone exterior and modern interpretation of the classic Chicago style bay window. The glassy corners—along with a rooftop resident amenity deck—take full advantage of the site’s Lake Michigan views.

At ground level, the building includes seven two-story “maisonettes” with direct access to and from the street. These rowhome-style units are available in two- and three-bedroom layouts and start at $8,100 per month.

While neighboring buildings are primarily luxury condominiums and co-ops, 61 E. Banks is the first contemporary rental project in the immediate area. The shift towards apartments has been the driving factor in downtown Chicago’s multi-year building boom—especially at the higher end of the market.

“You no longer have to own to enjoy the craftsmanship that’s long been associated with a Gold Coast address,” said Draper and Kramer president Todd Bancroft in a statement.

As of this week, roughly 25 percent of the development’s 58 units are already leased, according to the @properties leasing team. Resident move-ins are expected to take place in May.

• Undeveloped lakefront lot ready to bite the dust for new apartments [Curbed Chicago]
• 61 E. Banks Street [website]