JAB Real Estate Lands Permit for 40-Unit Lake View Apartment Project

• Chicago issued a construction permit for a new 40-unit apartment development at 1215-1225 West Belmont Avenue in Lake View.
• JAB Real Estate will develop and build the five-story mixed-use project with affordable housing units included.
• The project will replace several recently demolished buildings, including the former Stage 773 theater site.

What the Lake View Development Includes

A new mixed-use residential project is officially moving forward in Chicago’s Lake View neighborhood after the city issued construction permits for 1215-1225 West Belmont Avenue. JAB Real Estate secured the permit on May 12 for a five-story apartment building that will deliver 40 rental units along Belmont Avenue.

The project, designed by Moth Architects, carries a reported construction cost of approximately $6 million and moved through the approval process in just over four months. All apartments will feature two-bedroom floor plans spread across the upper four floors of the building. Eight of the units will be designated as affordable housing, continuing Chicago’s push to integrate affordability requirements into new multifamily developments.

What Residents Will Get in the Project

The ground floor will include roughly 2,200 square feet of retail space, along with resident-focused amenities including a fitness center and lobby area. Plans also include parking for 24 vehicles and 40 bicycles, reflecting the neighborhood’s mix of transit-oriented and residential demand. Renderings show inset balconies facing Belmont Avenue, while all units are expected to include private outdoor space.

The project will also feature a shared rooftop deck for residents. Construction is expected to begin soon, as demolition work on the previous structures has already been completed. The site formerly housed several low-rise buildings, including the former Stage 773 theater property, which was demolished earlier this spring to make way for redevelopment.

What the Project Signals for Chicago Multifamily Development

The Lake View development reflects the continued demand for new rental housing in Chicago’s North Side neighborhoods despite broader uncertainty across portions of the commercial real estate market. Developers continue targeting infill redevelopment opportunities in walkable neighborhoods like Lake View, where rental demand remains strong, and land availability is limited.

Mixed-use apartment projects combining residential units with small-scale retail space have become increasingly common as developers seek to maximize site efficiency while contributing to neighborhood street activity. The inclusion of affordable housing units also highlights how affordability mandates remain a major component of Chicago’s residential development process. For JAB Real Estate, the project adds another multifamily development to a market where demand for newer rental products continues outperforming older housing inventory.