chi-Lakeview3200 (2)

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CHICAGO—The demand for luxuryrental apartments close to downtown has fueled a remarkableconstruction boom that has lasted for several years, but many stillprefer communities with richer cultural amenities, retail optionsand entertainment. That so far has been the experience ofChicago-based BlitzLake Partners, which recently started pre-leasing at Lakeview3200, its new transit-oriented, mixed-use development one blockeast of the Belmont CTA station in Chicago's Lakeviewneighborhood.

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“There is a lot of new supplycoming online downtown,” David Blitz, managing partner of BlitzLake, tellsGlobeSt.com, “but there are a lot of people that don't want to livein River North or the West Loop.”

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The firm originally believed itwould take six to nine months to fully lease the 90-unit project,but initial activity has been very strong, and Blitz now says itcould happen sooner. Most prospective renters say one of the thingsthat brought them to the building at 3200 N. Clark St. is theopportunity to live in Lakeview, which has the Cubs and WrigleyField, theaters, and a host of unique, local retailers. And unlikedowntown, “there is not a whole lot of new product in the immediatearea.”

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In Lakeview, “it's difficult toassemble enough land,” Blitz says. BlitzLake acquired the threeparcels at the corner of Belmont and Clark, in July 2013. Thecorner had long been the home of a Dunkin' Donuts, its smallparking lot, and several other underutilized retail structures.Most of the neighborhood, however, is a very dense collection ofwell-established residential buildings. The firm broke ground onthe project in August 2015 following a rezone of the entireproperty.

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As reported in GlobeSt.com, otherdevelopers have begun buying and renovating former hotels on the North Sideto accommodate the explosion of demand for luxury apartments. Blitzbelieves transit-orientedrental housing is another solution, and the sector will continue tosee rising demand. Residents, whether in Lakeview or otherneighborhoods along the city's train lines, can get downtown almostas quickly as those living in the West Loop, and still have asimilar lifestyle.

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Residences at Lakeview 3200 willrange in size from approximately 430 to 1,450 square feet, withpricing starting at $1,525 per month for studios, $1,925 forone-bedrooms and $2,750 for two-bedrooms. All apartments, includinga one-bedroom model available for tour, feature 9-foot exposedconcrete ceilings, contemporary plank flooring, oversized windows,in-unit laundry and modern kitchens with quartz countertops andstainless steel GE appliances. Three of the largest units alsofeature private balconies.

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Target Corp.has leased 29,000 square feet ofretail space in the building, and plans to introduce its firstflexible-format stores in Chicago. In addition to Target, whichwill be located on the ground floor of the development and includea Starbucks, Lakeview 3200 will offer numerous residentamenities. They include a lounge with complimentary Wi-Fi and abig-screen TV; adjacent landscaped sundeck with fire pits andgrilling stations; 24-hour fitness center offering one-on-onepersonal training; and secure bike storage room.

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Designed by Chicago-basedHirsch AssociatesLLC, Lakeview 3200features a glass, cast stone and metal panel exterior inspired byadjacent buildings in the Lakeview neighborhood. A beveled corneroverlooking Clark and Belmont maximizes natural light and views ofthe surrounding cityscape, while a raised tower creates an anchorfor the intersection below.

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Coldwell BankerResidential Brokerage has been retained as the exclusive marketing andleasing brokerage for the eight-story, with first move-insscheduled for early 2017.

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“It's the best of both worlds andunlike anything currently available in Lakeview,” Blitzsays.

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chi-Lakeview3200 (2)

|

CHICAGO—The demand for luxuryrental apartments close to downtown has fueled a remarkableconstruction boom that has lasted for several years, but many stillprefer communities with richer cultural amenities, retail optionsand entertainment. That so far has been the experience ofChicago-based BlitzLake Partners, which recently started pre-leasing at Lakeview3200, its new transit-oriented, mixed-use development one blockeast of the Belmont CTA station in Chicago's Lakeviewneighborhood.

|

“There is a lot of new supplycoming online downtown,” David Blitz, managing partner of BlitzLake, tellsGlobeSt.com, “but there are a lot of people that don't want to livein River North or the West Loop.”

|

The firm originally believed itwould take six to nine months to fully lease the 90-unit project,but initial activity has been very strong, and Blitz now says itcould happen sooner. Most prospective renters say one of the thingsthat brought them to the building at 3200 N. Clark St. is theopportunity to live in Lakeview, which has the Cubs and WrigleyField, theaters, and a host of unique, local retailers. And unlikedowntown, “there is not a whole lot of new product in the immediatearea.”

|

In Lakeview, “it's difficult toassemble enough land,” Blitz says. BlitzLake acquired the threeparcels at the corner of Belmont and Clark, in July 2013. Thecorner had long been the home of a Dunkin' Donuts, its smallparking lot, and several other underutilized retail structures.Most of the neighborhood, however, is a very dense collection ofwell-established residential buildings. The firm broke ground onthe project in August 2015 following a rezone of the entireproperty.

|

As reported in GlobeSt.com, otherdevelopers have begun buying and renovating former hotels on the North Sideto accommodate the explosion of demand for luxury apartments. Blitzbelieves transit-orientedrental housing is another solution, and the sector will continue tosee rising demand. Residents, whether in Lakeview or otherneighborhoods along the city's train lines, can get downtown almostas quickly as those living in the West Loop, and still have asimilar lifestyle.

|

Residences at Lakeview 3200 willrange in size from approximately 430 to 1,450 square feet, withpricing starting at $1,525 per month for studios, $1,925 forone-bedrooms and $2,750 for two-bedrooms. All apartments, includinga one-bedroom model available for tour, feature 9-foot exposedconcrete ceilings, contemporary plank flooring, oversized windows,in-unit laundry and modern kitchens with quartz countertops andstainless steel GE appliances. Three of the largest units alsofeature private balconies.

|

Target Corp.has leased 29,000 square feet ofretail space in the building, and plans to introduce its firstflexible-format stores in Chicago. In addition to Target, whichwill be located on the ground floor of the development and includea Starbucks, Lakeview 3200 will offer numerous residentamenities. They include a lounge with complimentary Wi-Fi and abig-screen TV; adjacent landscaped sundeck with fire pits andgrilling stations; 24-hour fitness center offering one-on-onepersonal training; and secure bike storage room.

|

Designed by Chicago-basedHirsch AssociatesLLC, Lakeview 3200features a glass, cast stone and metal panel exterior inspired byadjacent buildings in the Lakeview neighborhood. A beveled corneroverlooking Clark and Belmont maximizes natural light and views ofthe surrounding cityscape, while a raised tower creates an anchorfor the intersection below.

|

Coldwell BankerResidential Brokerage has been retained as the exclusive marketing andleasing brokerage for the eight-story, with first move-insscheduled for early 2017.

|

“It's the best of both worlds andunlike anything currently available in Lakeview,” Blitzsays.

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

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