The Real Deal Chicago

CRG to build 149-unit Uptown apartment complex

The 12-story building at Sheridan and Wilson is among a number of multifamily projects in the area
By Alex Nitkin |
Research by Laura Hanrahan
May 24, 2018 04:30PM

Clayco chairman and CEO Bob Clark. CRG is Clayco’s private real estate development group

UPDATE, 9:25 a.m., May 25: CRG will begin work on a 12-story apartment building at the intersection of Wilson Avenue and Sheridan Road in Uptown, the latest in a boomlet of mid-rise residential development in the Far North Side neighborhood.

The building, designed with a sharp glassy facade by architect Forum Studio, is set to include 149 apartments with a full floor of retail at its base. Its address is alternatively listed as 4555 North Sheridan Road and 975 West Wilson Avenue.

CRG, the private real estate development group of Clayco, bought the property for $2.83 million in February from Coe Capital Management, run by Mark Coe. CRG has been pitching plans for the site since at least January 2017, and the building’s final design was approved by the Chicago Plan Commission in September.

The plan includes just 29 parking spaces, in line with a city ordinance that eases parking mandates for development near public transit. The site is a three-minute walk from the freshly-rebuilt Wilson Red Line station.

CRG plans to include seven affordable housing units in the building and will pay $1 million to the Housing Opportunity Fund in accordance with the city’s 2015 Affordability Requirements Ordinance.

Developer Cedar Street had gotten city approval in 2015 to build a 138-unit apartment building on the lot, but the company ultimately sold the property instead.

The new building will join JDL’s 27-story Eight Eleven Uptown apartment complex at 811 West Montrose Avenue, on pace to be completed later this year, as part of 46th Ward Ald. James Cappleman’s ongoing cultivation of higher-end residential development in Uptown.

Last year, city leaders approved a zoning change for Praedium Development’s plan to build a nine-story, 197-unit apartment building at 4601 North Broadway, less than a block away from CRG’s site.

A half mile away, Cedar Street last month scored a permit for the first part of a three-building project that will bring 700 apartments to the 5000 block of North Broadway.

A spokesperson for CRG did not immediately respond to a request for comment.

Correction: A previous version of this story misstated the number of affordable housing units planned for the building, and didn’t specify it was Clayco’s CRG group behind the project.