North Park Ventures to convert Lakeview condo building into rentals
The firm is also developing a 22-unit building next door
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.
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