According to Chicago Real Estate Daily, an office building that's been an Uptown mainstay since 1962 is looking at a different future, according to the owners.
Imperial Realty Co. plans to convert an Uptown office building into apartments, joining a pack of companies seeking to take advantage of the strong north lakefront rental market. Chicago-based Imperial, best known as an office landlord, plans to build out 130 rental units and 30,000 square feet of ground-floor retail space in the former Combined Insurance Co. of America building at 5050 N. Broadway. [respectful snip]Read the entire story here, at Chicago Real Estate Daily. Incidentally, this is in Ald. Pawar's portion of Uptown, and he says while he's initially in favor of it, the proposal will have to pass his office's development review process before he gives his okay.
Rising rents have pushed younger people and students into Uptown, where rents have lagged areas closer to the Loop. The gap between rents in Uptown vs. south of Irving Park Road is 20 percent to 25 percent, Mr. Kutill said. Because of that gap, Imperial's challenge at 5050 N. Broadway “will be costs vs. achievable rent,” he said.
Mr. Klairmont said Imperial is still working out estimates on project costs and how much the firm will seek in rent. Imperial plans to offer condominium-quality units in the building, with large one-bedrooms, around 1,000 square feet. “Uptown has been neglected,” Mr. Klairmont said. “That's changing.”