Validus Capital, Contemporary Concepts Advance 19-Unit Infill Project in Chicago

• Validus Capital and Contemporary Concepts Inc advancing 19-unit residential project
• Full permit issued for 5-story, no-parking building
• Located in transit-served Lincoln Park area

What the permit issuance means for construction

A full building permit has been issued for 2724 N. Lehmann Ct, clearing the way for construction to begin immediately. With approvals secured, the project moves into execution, eliminating entitlement risk and allowing the development team to move forward on timeline and budget.

What the infill strategy means for development

This is a classic urban infill project, replacing a small underutilized parcel with a five-story residential building. Developments like this are common in dense Chicago neighborhoods, where smaller sites can still support meaningful unit counts without requiring large-scale assemblages.

What the unit mix means for leasing

The project will include 19 units, split between one- and two-bedroom layouts. This mix targets a broad renter base, from young professionals to small households. At this scale, lease-up risk is relatively low. Filling fewer than 20 units allows for faster stabilization and more predictable absorption.

What the no-parking design means for future trends

Notably, the building will include zero car parking spaces, a decision enabled by zoning relief and strong transit access. Instead, the project includes bike parking, aligning with a growing shift toward car-free or car-light living in urban neighborhoods. This approach reduces construction costs and allows developers to maximize rentable space, improving overall returns.

What this means for Chicago development trends

The approval reflects a broader trend in Chicago toward higher-density, transit-oriented infill with reduced parking requirements. As cities push for more efficient land use, projects like this are becoming more common, particularly in walkable, well-connected neighborhoods.