An otherwise quiet corner of Old Town may soon be abuzz with construction as it prepares to welcome a pair of new rental developments near the intersection of Sedgwick and Schiller streets.
First up is a nine-story, 105-unit building at 1355 N. Sedgwick which was awarded a foundation permit earlier this week. Replacing a long-vacant lot, the project from Lakshmi Capital Management LLC and architecture firm Brininstool + Lynch was introduced to Old Town neighbors in early 2017.
The transit-oriented development calls for 20 percent affordable housing under the Affordable Requirements Ordinance (ARO) Near North pilot program. There’s also ground floor retail and garage parking for 25 vehicles.
A second, even more dense, apartment project is preparing to move forward across the street at 1400 N. Orleans. Here, developers Marc Realty Capital, Ruttenberg Gordon Investments, and DDG plan a seven-story, 254-unit building known by the fairly generic title of “Old Town Residences.”
Once home to the now-demolished Noble Horse Theater and Stables, the site was previously controlled by LG Development. The company won city approval to build 252 apartments there in late 2016 before switching the plan to 175 for-sale condominiums known as Equis of Old Town.
Construction on the Old Town Residences could begin in the coming months and finish in 2020, according to the Real Deal. The team is seeking $40 million in additional investment on the Prodigy Network real estate crowdfunding platform.