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Local developers plan 87-unit resi building in West Town
The 20K sf site at 1140 West Erie Street is owned by the Domain Group, according to records
Bond Companies has filed plans for an eight-story building with as many as 87 residential units, parking spaces and ground floor retail in pricey West Town.
The Chicago-based development and investment firm filed plans for the building – with a maximum potential size of about 102,000 square feet – at 1140 West Erie Street, according to a zoning application. The lot spans about 20,000 square feet.
At least 17 of the building’s 87 units must be affordable, in accordance with the city’s Affordable Requirements Ordinance.
Public records indicate the site is currently owned by the Domain Group, meaning the project is likely a joint venture between Bond and Domain. A venture managed by Domain owner Rory Arthurs bought the property for $3.2 million in 2017.
Bond was founded by brothers Rob and Larry Bond in 1987.
In its earlier years, the firm invested in a portfolio of Chicago hotels that were renovated, repositioned and eventually sold, according to its website. More recently, it developed the Center on Halsted in Lakeview, among other developments in Chicago.
Neither Bond nor Domain immediately respond to requests for comment.
A report in July found that rents in West Town increased 18 percent between May 2018 and May 2019 to $2,395.