Honore Properties, Peerless Development Win Approval for $102M Lincoln Park Tower

• 340-unit, 28-story project approved by Plan Commission
• $102 million development with 68 affordable units
• Next step is City Council approval before construction

Developers secure approval in prime Chicago submarket

Honore Properties and Peerless Development have secured Plan Commission approval for a 28-story residential tower at 1415 North Dayton Street in Lincoln Park. The project is now moving toward final City Council approval, putting it on track for a potential groundbreaking later this year.

Project scale adds significant housing supply

The development will deliver 340 units, with a heavy concentration of studios and one-bedroom apartments. This unit mix aligns with current renter demand in urban neighborhoods. A total of 68 units will be set aside as affordable housing, allowing the developers to meet city requirements while maintaining project scale.

Design prioritizes residential density and amenities

The building will feature a five-story podium with a 163-space parking garage and no ground-floor retail. Instead, the design focuses on maximizing residential use. Amenities will begin on the sixth floor and include a large outdoor deck with a rooftop pool, helping position the property as a high-quality rental asset.

What this means for Chicago multifamily investors

This approval highlights continued confidence in Lincoln Park as a top-tier rental market. Developers are still pursuing large-scale projects in prime locations where demand remains strong. For investors, the takeaway is clear. Well-located, amenity-driven multifamily developments continue to attract capital and offer long-term upside.