Quest Realty has set its sights on an apartment project in Uptown that would add to the boom in rental development in the neighborhood.
The Chicago-based firm plans a six-story transit-oriented development with 30 apartments and ground-floor retail at 4720 North Sheridan Road, Alderman James Cappelman (46th Ward) said in an email to constituents.
Quest owner Jason Vondrachek said nearly all the units would all be one-bedrooms, with prices starting in the $1,500 a month range.
The project would include one affordable housing unit onsite, and the building would have 12 parking spaces and bike storage in a main floor garage, the developer said. The application filed said the project would cost less than $10 million.
Quest needs a zoning change for the Hanna Architects-designed building, and Cappelman said the Truman Square Neighbors group will meet Monday in his office to discuss it.
Quest bought the property in April from Lutheran Child & Family Services. Cook County records did not specify the sale price, and Vondracheck declined to disclose it.
The developer received a permit from the city earlier this month to tear down the existing one-story building on the site, and demolition work started Friday.
Quest has a number of developments in Uptown and across the city, including a project down the street at 4420 North Sheridan Road, where it’s converting a vacant lot into a four-story building with 33 apartments and ground-floor retail, according to Uptown Update.
It’s among the many developers banking on continued rental demand in Uptown, most notably Cedar Street Companies.
JDL Development is pitching in with the 27-story Eight Eleven Uptown apartment complex at 811 West Montrose Avenue, on pace to be completed later this year, as part of Cappleman’s ongoing cultivation of higher-end residential development in Uptown.
And Praedium Development plans a nine-story, 197-unit apartment building at 4601 North Broadway, less than a block from where CRG is building a 12-story apartment building at Wilson Avenue and Sheridan Road.