An unidentified developer is moving forward with a $9.5 million residential project in Uptown.
The Chicago Plan Commission approved its proposal to replace the vacant mid-block parcel at 936 West Leland Avenue with a five-story, 32-unit apartment building, Urbanize Chicago reported. The development cost comes to $297,000 per unit.
Using the business name West Leland Avenue LLC, the developer plans six studios, 11 one-bedrooms, 14 two-bedrooms and one three-bedroom unit. Six of the apartments will be affordable.
The project falls under the purview of the Lakefront Protection Ordinance, which regulates Chicago’s Lake Michigan shoreline. The ordinance, which covers harbors, piers and public spaces along the lake, requires projects in the area to adhere to specific guidelines.
The building, situated just east of North Sheridan Road, will offer private balconies for each unit along with community amenities such as an exercise room and a shared rooftop deck. There will also be a six-vehicle parking garage accessed from the rear alley.
Key to the project’s progress was the City Council’s recent approval to rezone the property to allow increased density and a 77-foot building height.
Now that the developer has received approval for its Lakefront Protection Ordinance application, it can move into the permitting phase.
Elsewhere in Uptown, Catapult Real Estate Solutions is making strides with a planned multifamily project at the site of the Holiday Club lounge and bar at 4000 North Sheridan Road. The local firm aims to replace the apartments and retail with a seven-story, 91-unit apartment building.
Despite some financial distress in the broader Chicago multifamily market, as seen with foreclosures and distressed sales, the lakeshore area remains attractive due to its vibrant neighborhoods and strong rental demand.
— Andrew Terrell
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