New Development Spotlight: Lakeview and Uptown
Lakeview and Uptown, both neighborhoods known for their scenic lakeside locations, are getting new developments, including new condos and the revival of a historic theater. Here’s a closer look at the new developments pitched and moving forward in these two Chicago neighborhoods.
New Condos in Lakeview
Mavrek Development is bringing a four-story, 13-unit condo building to the corner of Southport Avenue and Belmont Avenue in Lakeview, according to Curbed Chicago. The mixed-use development is taking over the current location of Byline Bank at 3150 N. Southport Ave. Once completed, the building will have ground-floor retail space, and the bank will return once the project is completed.
According to the report, the condos are expected to be 1,350 to 2,500 square feet, and each unit will have private balcony. The building will have an attached parking garage. The pricing of the condos has yet to be announced, but the project is slated for completion in 2019.
Five-Building Condo Complex in Uptown
Up in Lakeview’s northern neighbor, Malden Development is planning to build a five-building, $10 million condo complex at 4608 N. Malden Ave., according to The Real Deal. The ambitious residential project would feature four-story buildings with a total of 45 condos and 44 parking spaces. The developers will need to secure a zoning change to bring the Uptown project to life.
This is not the first project the developers have proposed for the site. Previously, the developer pitched two 25-unit residential buildings but was meet with community concern over the density of the project, according to the report.
The Revival of the Uptown Theater
At a time when many of Chicago’s historic buildings are in danger of demolition or dereliction, the Uptown Theatre is getting a $75 million restoration. Dating back to the 1920s, the formerly grand theater is 46,000 square feet and has more than 4,000 seats. Since the theater closed in 1981, there have been a number of failed promises to restore the theater, but it seems that efforts led by the Friends of the Uptown organization will finally see this promise through.
Funding from the restoration comes from a number of different sources including the city’s Adopt-a-Landmark fund, the state’s Property Assessed Clean Energy Act, and Build Illinois bond funding, according to the Chicago Tribune.
The new theater project will be a partnership between Jam Productions (the current owner of the Uptown) and Farpoint Development. The partners will be contributing project funding as well.
“This is a game changer for the city. It’s not just about concerts, it’s about the economic development that now will occur in the Uptown neighborhood,” Arny Granat of Jam Productions told the Tribune.
Mayor Rahm Emanuel takes a similar view on the opportunity the new theater represents. “When I was still mayor-elect, I talked about creating an entertainment district in Uptown. Our investments in culture are one of our best drivers of economic growth and job creation in our neighborhoods,” he said, according to the report.
Mixed-Use Development in Uptown
In addition to the condo complex, different developers are pitching a mixed-use development with residential and retail elements. Cedar Street Companies is proposing a large complex with luxury apartments at Broadway Street and Argyle Street, per The Real Deal. The first step of the multiphase project will include the conversion of an office building into apartments, a restaurant, and retail space, according to the report. The second phase will involve the construction of two seven-story residential buildings.
The uptick in new residential development represents a shift for the neighborhood, which had a drop in population between 2000 and 2015, according to the report. The new development could spark further redevelopment along Broadway Street and Argyle Street.
“This is a stretch of Broadway that’s primed for redevelopment. The neighborhood has a lot of character, and we’re seeing a lot of people who want to live in a neighborhood that has its own unique culture, not necessarily just downtown,” Mark Heffron, managing partner of Cedar Street Companies, told The Real Deal.