Artist rendering of planned Old Town Chicago apartment complex.
Plans are underway for the construction of a new 60-unit apartment complex in Old Town Chicago, across from the famed Second City comedy club at North Avenue and Wells Street. Local developer JAB Real Estate is spearheading the project. Crain’s Business Journal notes the apartment building is in addition to similar projects JAB is developing in Lakeview and Lincoln Square.
The latest project will stand six stories tall. It is will be the first ground-up development by JAB and also the largest of any of its North Side projects. JAB principal Frank Campise noted the project is in response to the emergence of Old Town as a desirable neighborhood. He said he has often new tenants to Lakeview will migrate to Old Town for their next move and “that’s what piqued my interest to look into Old Town in the first place.
“We think Old Town is a really strong submarket,” Campise told Crain’s Business Journal. “There’s hospitality, and you’re close to downtown and the lakefront.”
JAB is also planning three projects on Southport Avenue in Lakeview, as well as a 40-unit apartment building on Western Avenue in Lincoln Square.
The three planned projects noted are just part of the JAB’s plans for development in Chicago. Crain’s Business Journal provides an extensive look at what’s in the pipeline for JAB. They are also building retail space and have plans for an even bigger apartment complex along N. Southport near the Brown Line station.