Developer Jim Stoller is breathing new life into a ninety-six-year-old building.
The Lorali building, a former single-room occupancy hotel in Uptown, is being transformed into a market-rate apartment complex at 1039 West Lawrence Avenue.
The project will convert the historic building into a 80-unit residential complex with ground-floor retail, Block Club Chicago reported. The building, which formerly had 160 rooms, will have a mix of micro studio apartments, one- and two-bedroom units.
Built in 1926 as the Viceroy Hotel, the property served the Uptown entertainment district during the Gilded Age. The building became a single-room occupancy hotel some years later. The small units were rented out on a daily or weekly basis at affordable rates to people who would otherwise have nowhere to live.
The property shuttered in 2019 when it was rezoned for apartments. Residents of the building protested the rezoning at the time, pointing out that they would face housing insecurities if they were forced to leave.
The city granted a building permit for interior renovations at the end of August. Stroller, who was a silent partner in the property’s ownership group before buying the building outright in 2007, said the building was falling into disrepair, warranting a multi-million-dollar renovation.
City officials denied requests for public financing due to the amount of subsidized housing already in the Uptown area.
Renovations on the exterior and demolition on the interior have begun and historically accurate windows are currently being installed on the second floor. The first residential units in the building are scheduled to be move-in ready in the first quarter of next year. Rents will range from $1,300 to $2,500.
The complex, which will be called Lawrence Lofts, will include three affordable units.
Amenities of the building will include a rooftop deck, a dog park, bicycle parking, a gym and 5,000 square feet of commercial space.
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