A Chicago developer is seeking community support for a curved, 303-unit apartment tower overlooking Diversey Harbor on the city’s North Side, a project that would replace a vacant medical office building on the site.
Continuum Development is providing the first look at plans for a 24-story tower on the site at 2800 N. Sheridan Road less than three months after CoStar News first reported that the firm was planning a multifamily project on the site.
Specific plans for the high-traffic intersection of Sheridan and Diversey Parkway are emerging as Chicago’s rent growth continues to outpace most of the country’s major markets because of a slowdown in new units in recent years.
If the plan wins the support of 44th Ward Alderman Bennett Lawson and lands construction financing, it will add to a row of residential high-rises in the area at the border of the Lakeview and Lincoln Park neighborhoods.
In a recent email to constituents and in a presentation from the developers posted on his website, Lawson provided details of the project and said he is gathering feedback.
“Our office is looking to see several elements from this project: high-density residential use appropriate for this location, that the architecture serves as a stunning gateway to Lakeview, and that the project continues the existing Diversey commercial corridor through to Sheridan,” Lawson wrote to constituents.
The developer said it plans to begin a public review process for the project this spring.
The scope of the project is permitted under the site’s underlying zoning, but Lawson’s office is soliciting feedback from residents regarding specific aspects of the design.
Designed by Antunovich, the project by Continuum Development and partner Chicago Development Partners is set to rise 281 feet. The design calls for 150 car parking spaces, 414 bike spaces and 10,559 square feet of retail space.
Architectural renderings also show a rooftop deck with a pool and views of nearby Lake Michigan.
The project is proposed for a site that now includes a vacant six-story medical office building and surface parking.
Amid high demand for new units and a long run of rising rents, other Chicago developers also are pushing to overcome challenges such as high borrowing and construction costs to launch new projects. That includes a 340-unit proposal at 1415 N. Dayton St. along Lincoln Park and Old Town and a 433-unit plan at 1201 W. Fulton in Fulton Market.
Continuum Development bought the site at 2800 N. Sheridan late last year for $17.25 million.
“Our vision for the site is a thoughtfully designed mixed-use tower that serves as a new gateway to Lakeview and brings much-needed housing to this prominent corner overlooking Diversey Harbor and the lakefront,” Evan Meador, co-founder and managing member at Continuum Development, said in a statement to CoStar News. “We’ve had productive conversations with Ald. Lawson and neighborhood stakeholders as we finalize our proposed design and identify prospective commercial tenants that will serve both residents and the surrounding community. We look forward to sharing our plan and soliciting additional feedback through a public review process this spring.”