North Park Ventures, SNS Realty Pitch Wrigleyville Apartments

The former Torstenson Glass facility near Wrigley Field could soon be redeveloped into a five-story, 92-unit apartment building.

Private equity real estate firm North Park Ventures and Chicago-based developer SNS Realty Group are requesting a zoning change to redevelop the vacant facility with 92 apartments, with 14 of them affordable, and 25 parking spaces, Crain’s reported.

No timeline was provided for zoning approval or the project’s estimated completion date.

Founded in 1889, Torstenson Glass moved out of the building, at 3233-47 North Sheffield Avenue, to Morton Grove in December, according to the company’s website. CBRE broker Tom Svoboda is marketing the property.

Rental demand and rent growth are rising in Chicago and the suburbs as higher interest rates and construction costs put a damper on development, especially in the popular North Side of Chicago Lakeview area.

Other residential redevelopment proposals are making headway in the area, including Mavrek Development’s five-story, 46-unit project at 925 West Belmont Avenue that was initially proposed as an 11-story, 210 unit complex before plans were scaled back due to financial complications.

Two theater sites on the North Side are slated for residential redevelopment. Local firm Jab Real Estate has plans to convert the former Lakeview home of the Blue Man Group — Briar Street Theatre, at 749 West Briar Place — to a mixed-use complex that includes 66 residential units. The same firm is proposing the redevelopment of the former Stage 773 theater, at 1215-1227 West Belmont Avenue to 40 residential units. Those two theater redevelopment projects come as performing arts organizations have continued to struggle to regain audiences since the onset of the pandemic.

The slowdown in deliveries has also brought investor interest to Chicago and the midwest. Major sales this year include the 292-unit Cobbler Square building in Old Town, which sold for $87 million, and the 191-unit Elevate Lincoln Park building, which sold for $114 million.

— Eric Weilbacher