Lincoln Property Tops Off $90M Chicago Development
This luxury property is about 8 miles from downtown.
Lincoln Property Co. has topped off it project at 4600 N. Marine Drive in Chicago, a $90 million luxury multifamily project slated to include more than 300 units. Gilbane Building Co. is the general contractor and Valerio Dewalt Train provided architectural services. The developer also paid $3.1 million in-lieu fees to Sarah’s Circle for the construction of a 28-unit affordable community in order to comply with the Affordable Requirements Ordinance.
The 12-story project will incorporate studio, one- and two-bedroom floorplans and will include eight affordable units. Resident amenities are slated to include a cafe bar, clubroom, coworking spaces and a 12th-story private dining room, along with an above-ground parking garage.
Located in Chicago’s Uptown neighborhood, the site is situated off Highway 41 and is roughly 8 miles north of downtown Chicago. It is adjacent to the Weiss Memorial Hospital as the community is being constructed in a former parking lot of the health-care facility. The property is also next to Montrose Fields Park and within walking distance of Montrose Beach.
Cadillac Fairview has recently acquired Lincoln Residential, the developer’s multifamily-oriented division. Earlier this month, the company also completed a 285-unit community in the Naperville suburb of Chicago. Yardi Matrix data shows the firm owns two other properties in the metro’s urban core.