A Chicago developer plans to build a 129-unit apartment structure on the Near North Side.
Draper & Kramer’s nine-story apartment building would be at 330 West Chestnut Street, just west of the CTA Brown Line tracks, Crain’s reported. D&K filed a zoning application with the Chicago City Council for the 14,388-square-foot site, a block west of a residential project JDL Development is building, North Union, on a site it bought from the Moody Bible Institute of Chicago.
Plans for new apartment projects are rolling out as occupancies and rents rebound after a Covid slowdown. About 1,300 apartments will come to downtown Chicago this year, the lowest in a decade. About 17,000 units are in the planning stages for Chicago, including more than 2,000 in the North Union development.
D&K, among Chicago’s oldest real estate companies, has developed multiple apartment buildings across the city over the years. Completed projects include a 275-unit tower in the South Loop and a 58-unit development in the Gold Coast. The company also has a 133-unit building planned for Halstead Street in Lincoln Park.
Of the 129 units planned for the new Chestnut Street building, 26 will be marketed as affordable housing for residents with “limited incomes.”
Chicago’s FitzGerald Associates is designing the building by taking inspiration from “traditional warehouse architecture of the early 1900s.” According to D&K’s website, the design is intended to complement different architectural styles in the area.
Read more
Residential
Chicago
Mavrek Development plans 21-story highrise apartment building for Streeterville
[CCB] — Victoria Pruitt