Optima rolls out plan for 246-unit rental building on Lakeview’s Treasure Island site

The complex would include nearly 9K sf of retail space along the busy Broadway corridor

Chicago /
Jul.July 15, 2019 11:00 AM
Optima CEO David Hovey Sr. and COO Tara Hovey with renderings of Optima Lakeview (Credit: Optima and 44thward)

Optima CEO David Hovey Sr. and COO Tara Hovey with renderings of Optima Lakeview (Credit: Optima and 44thward)

Optima Inc. is looking to replicate its style of mixed-use apartment buildings in Lakeview.

The firm led by architect-developer David Hovey plans to build a 246-unit complex on the site of a closed Treasure Island grocery store at 3460 North Broadway, according to Curbed.

It would include nearly 8,900 square feet of retail space on the ground floor, and it would take advantage of the city’s transit-oriented development rules to include just 107 parking spaces. Amenities would include a pool, game room, basketball court and rooftop deck.

The existing building on the site has been vacant since Treasure Island closed its last six stores in the fall.

The proposal would need support from Alderman Tom Tunney (44th), whose chief of staff said the developer must hold more meetings with neighbors before the project is approved.

It would be the first city development outside Downtown for the family-owned developer, which sold its Optima Chicago Center tower in Streeterville last year for $155 million. In 2017, it completed the 490-unit Optima Signature companion tower, whose retail space became fully occupied this spring with a lease to Egg Harbor Cafe.

The Glencoe-based firm also owns multiple apartment buildings across the city’s northern suburbs, plus nearly a dozen complexes in Arizona. [Curbed] — Alex Nitkin


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