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CRG Breaks Ground On Uptown Apartments

Clayco Multifamily Director Alan Schachtman, Principal Real Estate Investors Investment Manager Kristin Maletta, Principal Real Estate Investors Senior Investment Officer Chad Zirbel, CRG President Shawn Clark, Alderman James Cappleman, Cappelman Chief of Staff Tessa Feher, POB Capital Managing Principal Rich Holly and POB Capital Principal Mike McNeive at the 4555 North Sheridan groundbreaking

CRG, Clayco's real estate development arm, broke ground Tuesday on a 12-story apartment building in Uptown. The project at 4555 North Sheridan will have 149 apartments and is two blocks from the Wilson Avenue 'L' station.

The building is one of a handful of new ground-up developments happening in Uptown and builds on the momentum firms like CedarSt Cos. have created by repositioning older apartment buildings in the market. CedarSt is planning a seven-story, 110-unit building at 1050 West Wilson as part of its FLATS brand. Praedium Development Corp. is building a nine-story, 197-unit building at 4601 North Broadway and a seven-story, 120-unit TOD is underway at 3921 North Sheridan Road. The biggest project under construction is Eight Eleven Uptown, JDL Development's $121M redevelopment of the former Maryville Academy site that will add 373 new units to the neighborhood's inventory.

CRG's development will include 5K SF of ground-level retail, a 2K SF rooftop deck and amenities including a coffee bar, a fitness center and a dog salon.

The building will be near the heart of Uptown's retail and nightlife such as Wilson Yards, the Aragon Ballroom, Riviera Theatre and Green Mill Cocktail Lounge, while the proximity to the Wilson 'L' will give tenants direct access to downtown and Evanston via rail.

Construction is expected to be completed, and first renters will move in, in July 2019.

CORRECTION, June 26, 12:54 P.M. CT: A previous version of this story misspelled and misidentified Principal Real Estate Investors Kristin Maletta and Chad Zirbel name in the photo caption.