CHICAGO—After a one-year struggle, Wicker Park Apartments Inc., a local developer, has finally succeeded in getting title via a foreclosure sale of 1515-1517 W. Haddon St., a triangular Wicker Park property near the CTA's Blue Line stop at Division St. The company also just obtained an $8,175,000 construction loan from Chicago-based Wintrust and begun work at the property on a 40-unit development called Wicker Park Lofts.
“We are constructing a soft loft rental apartment building that will be a six-story structure and takes advantage of the property's unique shape,” says Mark Sutherland, principal of Wicker Park Apartments Inc. “Studios, one, two and three-bedroom units will feature top-of-the-line finishes and state-of-the-art design elements. The fourth, fifth and six floors will have breathtaking city views.”
Sutherland was a condo developer, but after the downturn made the transition to apartments. He currently owns, renovates and operates apartment buildings in the Wicker Park, Noble Square and Ukrainian Village neighborhoods.
The property is only 570' from the CTA stop at Ashland and Division, multiple bus lines, and the Milwaukee Ave. bike lanes. The project is the very first transit-oriented development that went before the Chicago Plan Commission and received its approval this past April. Chicago's transit-oriented zoning ordinance rewards buildings with less parking, sustainable design elements and are close to public transportation.
The building will have green building standards and Sutherland adds that they will at a minimum seek a LEED Silver Certification and perhaps Gold. It will include a large bike room, green roof, EV charging stations, energy efficient lighting and mechanical systems, energy efficient sound and thermal insulation systems, the use of recycled building materials and a large solar panel installation.
David Brininstool of Brininstool+Lynch is the project's architect. He has designed numerous multifamily buildings in Chicago including one for Sutherland in Streeterville at 550 N. St. Clair. Sutherland says the apartments will have rents in the $2.50-$2.75/square foot range and be ready for delivery by this summer.
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