Rentals

Baker Development Corp. builds Lincoln Park luxury apartment tower

Luxury development in Lincoln Park represents a condo conversion opportunity
  • Project will be delivered in summer 2017, when minimal new supply is expected in Lincoln Park.
  • Rents at the development will exceed $3 a square foot.
  • There are apparently no more starter condos in Chicago.

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This month Chicago-based Baker Development Corp. will begin demolition work on a Lincoln Park development site that in previous cycles would house a condo project. Baker will instead construct a 191-unit luxury apartment tower that will feature units, amenities, services and finishes similar to condo developments. The project's numerous luxurious features, along with a unit mix that is skewed toward two- and three-bedroom units and penthouses, make this development a candidate for a condo conversion further down the road. Initially the project will be leased and delivered as a rental property, according to Aaron Galvin, the manager broker/owner of the exclusive leasing brokerage for the project - Luxury Living Chicago Realty. Galvin admitted that the project's focus on larger units makes it a greater candidate for a future conversion. Timely completion He also said the project will be delivered at a time, summer 2017, when minimal new product will be coming online in ...