Catapult Real Estate Solutions lands permit for 91-unit Uptown rental at 4006 North Sheridan

• 91-unit rental project approved for initial construction phase
• $31.5 million development planned with retail and parking
• Located steps from the Sheridan Red Line station in Uptown

What this permit means for Uptown development activity

Catapult Real Estate Solutions has secured the first permit to begin construction on a seven-story residential building at 4006 North Sheridan Road. The permit covers caisson work, marking the first step toward full construction. Additional approvals, including demolition permits, are still pending before work can fully begin. This shows continued momentum in Uptown, where developers are targeting transit-oriented sites for new housing.

What the unit count and pricing mean for rental demand

The project will deliver 91 units across six residential floors, with a mix of studio, one-bedroom, and two-bedroom layouts. Rents are expected to range from $1,700 to $2,500 per month. This places the building in the mid-market range, making it competitive for renters seeking value near transit. This pricing strategy should support strong leasing given the location and unit mix.

What retail and parking mean for income stability

The ground floor will include about 2,000 square feet of retail space along with a 38-space parking garage. Retail adds an income stream, while parking remains valuable in this part of Chicago. Even limited parking can improve tenant appeal and increase overall revenue. This combination supports a more balanced and stable asset.

What demolition and construction steps mean for timeline

Before construction can begin, two buildings on the site must be demolished, including a bar property and a small residential building. These permits are still pending, along with the full building permit. A separate permit tied to crane setup is also under review. This means the project is moving forward, but timing will depend on how quickly approvals are completed.

What amenities and design mean for leasing appeal

The building will include a fitness room, a coworking space, and a top-floor lounge. Most units will feature balconies, adding value for renters. These features align with current expectations in Chicago’s rental market, especially for newer buildings. A focused amenity package helps control costs while still supporting leasing performance.

What transit access means for long-term value

The site is located just north of the Sheridan Red Line station, with multiple bus routes nearby. This level of transit access is a major advantage for renters commuting to downtown Chicago. Properties near rail lines tend to maintain strong occupancy and steady rent growth. For investors, this location supports long-term stability.

What this means for Chicago multifamily investors

This project highlights the continued demand for mid-sized rental developments in transit-rich neighborhoods like Uptown.  With moderate pricing, strong location, and efficient design, the project is positioned to perform well once delivered. For investors, this type of development offers a balance of scale, demand, and long-term income potential.