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Chicago

North Park Ventures to convert Lakeview condo building into rentals

The firm is also developing a 22-unit building next door

3264 N Clark Street (Credit: North Park Ventures)
3264 N Clark Street (Credit: North Park Ventures)

North Park Ventures plans to convert a Clark Street condominium building into rentals and build another 22-unit residence on the parking lot next door.

Last month, the company bought the property at 3264 North Clark Street in Lakeview for $13.7 million after the building owner’s association decided to sell all 30 condos together, according to Crain’s. The sale also included six first-floor retail spaces and the parking lot.

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Now, the company is rehabbing all of the units and developing a five-story apartment building on the parking lot. The original building will retain its classic look, while the new building will feature a contemporary look designed by architects Studio Dwell.

Rob Sekula, a partner in North Park, told Crain’s that monthly rents in the two buildings will run from $1,800 for a 600-square foot one-bedroom to $3,200 for a 1,200-square-foot three-bedroom. Leasing of the original building will start this month, with the new complex expected to be completed in Summer 2019.

[Crain’s]  — John O’Brien