Mavrek Development Eyes Lakeview for 210-Unit Residential Tower

Chicago-based Mavrek Development aims to construct an 11-story apartment building at the location currently occupied by Ann Sather and Belmont Army Vintage in Lakeview. The proposed complex at 925 W. Belmont Ave. will comprise 210 units along with ground-floor retail space.

Community Engagement and Development Process
Mavrek Development will engage with neighborhood groups to present the project plans, starting with a meeting on March 18th. Further community discussions will follow suit. Anthony Hrusovsky, Mavrek's Chief Investment Officer, emphasized the importance of collaborating with the community and the alderman to ensure alignment with neighborhood needs.

Market Dynamics and Project Implications
Given the absence of new apartment projects in the North Lakefront submarket, the proposed development is poised to meet high rental demand. With an average absorption rate of 1,500 units over the past decade, the timing seems favorable for the project.

Affordable Housing Component
The proposed development includes provisions for affordable housing, with 36 on-site affordable units and additional contributions to the Low Income Housing Trust Fund to fulfill city requirements. However, the fate of existing businesses on the site remains uncertain.

Regulatory Hurdles and Approval Process
Approval from Ald. Lawson, the city's Zoning Committee, and the full City Council is necessary for the project to proceed. The specifics of the ground-floor storefront space and the feasibility of existing businesses coexisting with the new development are yet to be clarified.

Developer's Track Record and Future Plans
Mavrek Development has undertaken various residential projects across Chicago, including a 248-unit tower in Streeterville slated for completion in 2024 and a proposed 370-unit building in the West Loop in 2022. Their portfolio also includes smaller apartment buildings in Uptown and Lakeview, along with a mixed-use building redevelopment on Southport Avenue.