CHICAGO—The demand for luxury rental apartments close to downtown has fueled a remarkable construction boom that has lasted for several years, but many still prefer communities with richer cultural amenities, retail options and entertainment. That so far has been the experience of Chicago-based BlitzLake Partners, which recently started pre-leasing at Lakeview 3200, its new transit-oriented, mixed-use development one block east of the Belmont CTA station in Chicago's Lakeview neighborhood.

“There is a lot of new supply coming online downtown,” David Blitz, managing partner of BlitzLake, tells GlobeSt.com, “but there are a lot of people that don't want to live in River North or the West Loop.”

The firm originally believed it would take six to nine months to fully lease the 90-unit project, but initial activity has been very strong, and Blitz now says it could happen sooner. Most prospective renters say one of the things that brought them to the building at 3200 N. Clark St. is the opportunity to live in Lakeview, which has the Cubs and Wrigley Field, theaters, and a host of unique, local retailers. And unlike downtown, “there is not a whole lot of new product in the immediate area.”

In Lakeview, “it's difficult to assemble enough land,” Blitz says. BlitzLake acquired the three parcels at the corner of Belmont and Clark, in July 2013. The corner had long been the home of a Dunkin' Donuts, its small parking lot, and several other underutilized retail structures. Most of the neighborhood, however, is a very dense collection of well-established residential buildings. The firm broke ground on the project in August 2015 following a rezone of the entire property.

As reported in GlobeSt.com, other developers have begun buying and renovating former hotels on the North Side to accommodate the explosion of demand for luxury apartments. Blitz believes transit-oriented rental housing is another solution, and the sector will continue to see rising demand. Residents, whether in Lakeview or other neighborhoods along the city's train lines, can get downtown almost as quickly as those living in the West Loop, and still have a similar lifestyle.

Residences at Lakeview 3200 will range in size from approximately 430 to 1,450 square feet, with pricing starting at $1,525 per month for studios, $1,925 for one-bedrooms and $2,750 for two-bedrooms. All apartments, including a one-bedroom model available for tour, feature 9-foot exposed concrete ceilings, contemporary plank flooring, oversized windows, in-unit laundry and modern kitchens with quartz countertops and stainless steel GE appliances. Three of the largest units also feature private balconies.

Target Corp. has leased 29,000 square feet of retail space in the building, and plans to introduce its first flexible-format stores in Chicago. In addition to Target, which will be located on the ground floor of the development and include a Starbucks, Lakeview 3200 will offer numerous resident amenities. They include a lounge with complimentary Wi-Fi and a big-screen TV; adjacent landscaped sundeck with fire pits and grilling stations; 24-hour fitness center offering one-on-one personal training; and secure bike storage room.

Designed by Chicago-based Hirsch Associates LLC, Lakeview 3200 features a glass, cast stone and metal panel exterior inspired by adjacent buildings in the Lakeview neighborhood. A beveled corner overlooking Clark and Belmont maximizes natural light and views of the surrounding cityscape, while a raised tower creates an anchor for the intersection below.

Coldwell Banker Residential Brokerage has been retained as the exclusive marketing and leasing brokerage for the eight-story, with first move-ins scheduled for early 2017.

“It's the best of both worlds and unlike anything currently available in Lakeview,” Blitz says.

Coldwell Banker Residential Brokerage has been retained as the exclusive marketing and leasing brokerage for the eight-story, with first move-ins scheduled for early 2017.

“It's the best of both worlds and unlike anything currently available in Lakeview,” Blitz says.

Instant Insights /

New TODs Providing Renters the Best of Both Worlds

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