Developer pitches almost 250 apartments for Lakeview’s former Treasure Island site

At a Thursday night community meeting hosted by 44th Ward Alderman Tom Tunney, Lakeview residents got their first glimpse at a plan to turn the site of the former Treasure Island grocery store and parking lot at 3460 N. Broadway into a massive apartment complex.

The ambitious proposal comes from Glencoe-based Optima, Inc. which designed, developed, and built a number of Chicago-area projects including rental towers in Evanston, Skokie, and Streeterville. As in previous developments, Optima Lakeview is designed with a glassy, contemporary aesthetic reflecting the company’s motto of “forever modern.”

The eight-story, transit-oriented project calls for a mix of 246 efficiencies, one-, two-, and three-bedroom rental units organized around a central atrium. Under Chicago’s Affordable Requirements Ordinance (ARO), 25 apartments must be offered at an affordable rate. Optima plans to build 13 units on-site and pay $1.5 million into the city’s Low Income Housing Trust Fund.

44th Ward

The building’s ground floor will contain 8,880 square feet of retail space fronting Broadway, plus indoor parking for 107 vehicles and 129 bicycles. Amenities include a fitness center, pool deck, game room, and basketball court. The structure’s rooftop deck is located 82 feet above street level (its mechanical elevator overrun top-out at roughly 105 feet).

Treasure Island abruptly closed its last six stores—including the North Broadway location—in the fall. Optima’s proposal is seeking a zoning change from the city (B3-2 to B3-3 and then to a Planned Development). It will need to be approved by Chicago Plan Commission, Committee on Zoning, and the full City Council.

“Last night was only the first meeting, and there will be many others to come with the community,” Bennett R. Lawson, Alderman Tunney’s chief of staff, told Curbed Chicago. Thursday’s slideshow presentation can be found on 44th Ward website.

44th Ward