Lincoln Park TOD Studio Apartments Would Rent For $1,600 A Month
By Rachel Cromidas in News on May 27, 2015 8:15PM
Coming soon to Lincoln Park? On the table is a new transit-oriented development proposed for Lincoln Avenue that would have studio apartments starting at $1,600 a month.
With its hefty price tags and relative lack of parking, the project, called Lincoln Centre, would be geared to well-off, post-college Millennials who don't have cars and aren't necessarily ready to start a family, DNAinfo reports.
While the development would technically be a TOD, meaning it's close enough to a CTA stop to take advantage of a city ordinance that allows developers to build a larger number of smaller units on less land without also building the same amount of parking, the development would still have about 138 parking spaces. These spaces would be shared by residents and shoppers who might take advantage of a newly-revitalized Lincoln Avenue entertainment and retail district should new businesses open nearby.
Lincoln Centre would replace an aging condo building that could be described as blighted at 2518-2540 N. Lincoln Avenue. Developer Baker Development Corp. is also renovating the nearby Apollo Theater. Developers told DNAinfo that the apartments will not feature affordable housing, but will instead pay into the city's affordable housing fund.
Lincoln Centre would be a mix of studios, one-, two- and three-bedroom apartments and one penthouse, which could rent for as much as $6,000 a month.