December 22, 2007 – With rents on the rise, there has been more developer interest in apartment buildings lately. More than one condo project has been redesigned and converted to apartment units. According to a recent Sun Times article, an empty parking lot in River North is one of the latest sites where plans for an apartment high-rise are in the works. Developer Dan McCaffery wants to build on a site located on the northeast corner of Erie and Franklin Streets, near the three story Flair House. The new development would be called Flair Tower and consist of a 26 story tower plus a low-rise next to Flair House with a total of 201 units.
McCaffery hired architect Joseph Antunovich to work up the design. The historic Flair House originated in the late 1800s and gets its name from the Flair Communications Incorporated advertising agency that has called the building home for years. Flair executive Lee Flaherty also happens to have founded the Chicago Marathon. The development plans are designed to compliment the existing structure and sport a traditional brick facade on the lower levels. Almost 13,000 square feet of space on the bottom floors would be dedicated to retail.
It will prove interesting to see if the tightening condo market continues in 2008 and supports the construction of more Chicago Apartments.
[tags]Flair Tower, Chicago Condos, Chicago Real Estate[/tags]