Nov
28

New Apartments in Chicago Coming to Old Town

November 28, 2012

new chicago apartments in old townDevelopers will soon be adding a 71-unit rental building to the Old Town neighborhood. The new apartments in Chicago are being planned by Chicago-based JDL Development Corp. and Harlem Irving Cos. Both developers are also planning a $220 million apartment and retail building in the Uptown neighborhood and a 269-unit project in Wrigleyville.

The Old Town project will be located at the southwest corner of Wells and Scott streets and is expected to cost $30 million. A majority of the 71 units will be studios or one bedroom apartments that will feature high-quality finishes such as stone countertops. The apartments will be offered for rent in spring 2014, and residents will also have convenient access to 10,000 square feet of retail space.

Chicago-based developer Fifield Cos. is also taking an interest in the Uptown area, and is planning a 400-unit complex at the intersection of Division and Clark streets. Since the Old Town and Gold Coast neighborhoods currently have a low of supply of apartments, the area has become a hotspot for local developers.

The next year will certainly be a busy one for the Chicago apartment market! Nearly 4,700 apartment units are planned for delivery in 2013 and early 2014.

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