CHICAGO—Wicker Park Lofts, the first transit-oriented development approved by the city planners, won't open for another two months, but the developer has already leased 70% of the units, a good sign that this increasingly popular approach has a real future in Chicago. Perhaps just as important, the future residents of 1515-1517 W. Haddon St. have so far needed even less parking than originally thought. “It was a relief to see so much demand,” Jerry Houlihan , director of leasing for Wicker Park Apartments Inc. , the developer, tells GlobeSt.com. Furthermore, “we actually had quite a few people that don't need parking at all, and that was a bit of a surprise.” The city's Transit Oriented Development Ordinance allows residential buildings near public transportation to have reduced parking. Wicker Park Lofts, just 570' from the Division Blue Line Stop, has 20 parking spaces for the 40 units, which include studios, one, two and three bedroom units. But so far, renters have taken only eleven spaces. This is a young and affluent group, he adds, so those that don't drive have most likely made a lifestyle choice. The average age of those leasing the units is 31, and the average income is about $110,000. Many work at local hospitals or at banks and financial companies downtown. Wicker Park Apartments has suspended leasing efforts for now, due to construction work on the building. The company will soon have a model unit ready, and based on the level of interest it has already seen, Houlihan says “we will lease up pretty quickly once we get a model.” The building is just a small portion of the apartment boom happening along Milwaukee Ave., the so-called “Hipster Highway,” which fills up with bicycle commuters each morning and evening., According to Appraisal Research Counselors , a local real estate appraisal and consulting firm, developers have more than 2500 units either under construction or proposed on, or adjacent to, Milwaukee Ave. from River West northwest through Noble Square, Wicker Park, Logan Square and Avondale. The neighborhood will probably see more TOD buildings popping up in the near future. Wicker Park Apartments, Inc., for example, has already unveiled plans for a 34-unit, 5-story TOD called East Village Lofts at 1100 N. Ashland Ave. and recently applied for a building permit.

Instant Insights /

Renters Flock to Chicago's First TOD

Related Stories

Recommended For You