CHICAGO - (August 13, 2020)
120-unit rental community with street-level retail will be steps from Sheridan Red Line stop
Draper and Kramer, Incorporated, today announced it has started construction on a seven-story, 120-unit mixed-use development at 949 W. Dakin St. in Chicago‘s East Lakeview neighborhood. Located across the street from the Sheridan Red Line station and two and a half blocks north of Wrigley Field, the transit-oriented development replaces a single-story structure whose tenants included Ace Hardware, which is expected to fill a portion of the 13,000 square feet of retail space that will be located on the lower level of the new building.
“Our development at 949 W. Dakin fills a niche in the local apartment market by bringing a boutique rental property to one of the North Side’s most popular neighborhoods,” said Todd Bancroft, Draper and Kramer’s CEO. “Wrigleyville, in particular, has seen a wave of new mixed-use projects that have transformed the area into a year-round destination for visitors and, increasingly, a full-time home for Chicagoans drawn to the area’s numerous amenities, including convenient access to the lakefront and public transit. We’re so proud to be adding our project to the area and thank Alderman James Cappleman and his staff for their tremendous support and guidance during the process of bringing this project to life.”
“The development pays homage to the neighborhood’s historic apartment buildings with a facade of dark red brick and large windows that allow for abundant natural light within residences and common areas,” said Ed Polich, Draper and Kramer’s executive vice president of real estate. “The goal was to design a building that is appropriately scaled to the site and seamlessly integrated with the streetscape while delivering modern interiors on par with many of Chicago’s best boutique apartment buildings.”
Designed by Sullivan, Goulette & Wilson Architects, 949 W. Dakin will include 108 one-bedroom/one-bath and 12 two-bedroom/two-bath units, with floor plans ranging from 620-1,040 square feet and rents starting at approximately $1,900 per month. Residences will feature 9-foot, 4-inch ceilings with exposed structural elements; modern kitchens with stone countertops and stainless steel appliances; full-size washers and dryers; and walk-in closets.
Outdoors, the building’s rooftop deck will offer views of Lake Michigan and Wrigley Field, with grilling stations, outdoor dining tables, separate lounge chairs, a TV viewing area and several fire pits.
Indoor amenities include a large ground-floor lobby with floor-to-ceiling windows, several gathering areas with couches and chairs, and long tables that can be used for casual meetings. Residents will also be able to sip coffee at a counter overlooking the street or check the train status on a CTA transit video monitor. Other first-floor amenities include a private clubroom with a bar/kitchen, fitness center and heated bike room. A coffee shop, the Lakeview Ace Hardware and two additional retail spaces ranging from 1,300 to 2,200 square feet will also be located at street level.
Residents will be walking distance to all of Wrigleyville’s famous sports bars and restaurants. Just outside of the ballpark is Gallagher Way, an open-air park that hosts gameday activities and other seasonal programming. Also, just four blocks to the east, bikers, runners and walkers can enjoy Chicago’s scenic Lakefront Trail, an 18-mile path along the Lake Michigan shoreline.
Draper and Kramer financed the project through the Chicago regional office of the U.S. Department of Housing and Urban Development (HUD). Gershman Mortgage acted as the HUD lender in the transaction.
Leopardo Construction is the general contractor on the project and expects to deliver the apartments in August 2021.
For information or to be added to the VIP list for 949 W. Dakin, email [email protected].
About Draper and Kramer, Incorporated:
Founded in 1893, Draper and Kramer, Incorporated, is a trusted financial and property services provider with a deep commitment to people, excellence, service and integrity spanning more than 125 years. Family-owned and one of the leading privately held real estate services firms in the U.S., Draper and Kramer is headquartered in Chicago with a national reach and broad offering of services. The company’s decades-long heritage has evolved over the years to meet the needs of its clients and today spans expertise in residential and commercial development, acquisition, property management and leasing; debt and equity financing for commercial properties; and residential mortgage services through affiliate Draper and Kramer Mortgage Corp. Draper and Kramer provides a single source of real estate-related counsel to a diverse group of real estate investors across the U.S. including corporations; private and institutional owners and users of real estate; government agencies; condominium associations; and foundations. For more information, visit draperandkramer.com.
# # #
For more information, contact Sarah Lyons, [email protected], (312) 267-4520.
Draper and Kramer, Incorporated, has started site work on a seven-story, 120-unit apartment building at 949 W. Dakin St., just two and a half blocks from Wrigley Field in Chicago’s East Lakeview neighborhood.