Photo Credit: Baker Development Corp.
A new development in Lincoln Park could resolve the lack of small unit housing in the area.
Baker Development Corporation recently put forward plans for a new 200 unit complex on Lincoln Avenue called Lincoln Centre, DNAinfo Chicago reports. The development would replace the blighted Apollo Theater building.
With only studios, one and two bedroom units available, the property appeals to renters who might be eschewing the roommate life and can afford the pricey monthly rent, which starts at $1,600. West of Halsted, there are few luxury, single-occupant options available, so these units should lease up quickly.
This project is reminiscent of 1611 W Division, another high-density, transit-oriented new construction rental project that was the first of its kind in Wicker Park. Prior to its delivery, Wicker Park had effectively zero luxury studio or 1-bedroom units to speak of. Naturally, the units rented like hot cakes, and the building’s rental price per square foot has risen substantially since it opened. Since then, developers have rushed to approve plans for new construction luxury rentals up and down the Milwaukee corridor.
But potential renters for the property may need to be willing to give up their car. Located at 2540 N Lincoln Ave, just a few blocks from the Fullerton CTA station, the property is considered a Transit Oriented Development, which means developers can build large numbers of small units without equivalent parking space. The development will have only about 138 parking spots, which residents and shoppers would share.
The building will also be home to a host of new businesses aiming to revitalize the area, so Lincoln Centre residents will have plenty to take advantage nearby.