[2024] Notable Projects from Illinois Multifamily Developers
If you’re looking for the latest on notable planned construction by Illinois multifamily developers, you’ve come to the right place.
The busiest multifamily developers in Illinois are doing the bulk of their work in and around Chicago. In this article, we highlight some of the most active multifamily developers in the state, as well as a significant planned project that exemplifies each firm’s work.
A quick glance at these developers’ plans shows that a variety of multifamily projects are in the works. Some projects are entirely new, while others entail renovations or additions. Many look to hold market-rate units, others feature affordable housing, and still others offer luxury or senior living spaces. Additionally, although most of these developers’ planned multifamily construction is set to take place in and around Chicago, multiple upcoming projects are planned for sites across the state.
This list is based on the number of units in planning for multifamily developers in Illinois, per a query of BuildCentral’s MultiFamilyData for projects updated after 11/9/23.
Visionary Ventures NFP Corporation
The Werner
Visionary Ventures NFP Corporation is the developer for this planned project. Plans call for the construction of 55 affordable apartment units in Chicago.
| Construction Type: | New | # of Units: | 55 |
| Project Type: | For Rent | Building Type: | N/A |
| Estimated Value: | $6 million | # of Buildings: | N/A |
| Sector: | Private | Product Type: | Affordable |
| Location: | Chicago, IL 60626. 7600 N Paulina St |
| Details: | Plans call for the construction of 55 affordable units. |
| Stage: | Planning (Active) |
| Construction Start: | N/A |
| Construction End: | N/A |
Mas Ventures LLC
Lawrence Gateway
Mas Ventures is the developer for the Lawrence Gateway apartment project in Chicago. As of 11/18/2023, the rezoning plans for the project have been proposed.
| Construction Type: | New | # of Units: | 40 |
| Project Type: | For Rent | Building Type: | Mid-rise (4-11) |
| Estimated Value: | $3 million | # of Buildings: | 1 |
| Sector: | Private | Product Type: | Market Rate, Affordable |
| Location: | Chicago, IL 60625. 2919 W Lawrence Ave |
| Details: | Plans call for the construction of 40 apartments and 9,300 square feet of retail space in a five-story building. Eight units will be affordable. Units will consist of studio, one-, and two-bedroom floor plans, ranging in size from 511 to 1,047 square feet. |
| Stage: | Planning (Active) |
| Construction Start: | N/A |
| Construction End: | N/A |
Brinshore Development
Oak and Larrabee
As of 10/24/23, this project is still in the preconstruction stage. Brinshore Development is the developer for this large multifamily project in Chicago.
| Construction Type: | New | # of Units: | 78 |
| Project Type: | For Sale, For Rent | Building Type: | Mid-rise (4-11) |
| Estimated Value: | $33.5 million | # of Buildings: | 1 |
| Sector: | Private | Product Type: | Market Rate |
| Location: | Chicago, IL 60610. 537-547 W Oak Street |
| Details: | Plans call for the construction of a 78-unit mixed-income residential development that will include a new seven-story apartment building, a pair of rental six-flats, and 18 for-sale townhomes. This project is Phase II of the Cabrini-Green Redevelopment. |
| Stage: | Planning (Active) |
| Construction Start: | N/A |
| Construction End: | N/A |
Melrose Ascension Capital
The Nightingale at IMD
As of 8/19/22, this project has been approved. A construction timeline has not been announced. On 10/10/2023, a representative from the City of Chicago stated that the building permit application has not yet been submitted.
| Construction Type: | New | # of Units: | 125 |
| Project Type: | For Rent | Building Type: | Mid-rise (4-11) |
| Estimated Value: | $14 million | # of Buildings: | 1 |
| Sector: | Private | Product Type: | Market Rate |
| Location: | Chicago, IL 60608. 1323 S Wood St |
| Details: | Plans call for the construction of a five-story, 105,400-square-foot apartment building with 125 units. There will be 31 studios, six convertible units, seven junior one-bedroom units, and 81 one-bedroom apartments. Amenities will include a fitness center, a dog spa, and an outdoor terrace. |
| Stage: | Planning (Active) |
| Construction Start: | N/A |
| Construction End: | N/A |
Fern Hill Company
Old Town Canvas Tower
As of 11/28/2023, renderings have been released and a construction schedule has not been determined. Fern Hill Company is the developer for this large project.
| Construction Type: | New | # of Units: | 500 |
| Project Type: | For Rent | Building Type: | High-rise (12-40) |
| Estimated Value: | $41 million | # of Buildings: | 1 |
| Sector: | Private | Product Type: | Market Rate |
| Location: | Chicago, IL 60614. 1610 N La Salle Dr |
| Details: | Plans call for the demolition of an existing building and the construction of a 36-story mixed-use tower with 500 residential units, 450 podium parking spaces, and 14,000 square feet of retail space. Twenty percent of the units will be affordable and there will be a mixture of one, two, and three-bedroom units. |
| Stage: | Planning (Active) |
| Construction Start: | N/A |
| Construction End: | N/A |
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