Draper and Kramer broke ground on 61 Banks St., a 58-unit apartment development in the Gold Coast. It is the latest multifamily development to enter a packed pipeline of over 9,000 units being built downtown through 2019.
Draper and Kramer have eyed apartments for the site, a parking lot that is the last undeveloped lakefront site between the Chicago Spire site and Diversey Harbor, since 2016. Chief Development Officer Ed Polich said 61 East Banks' Gold Coast location makes the development unique for one of Chicago's most affluent neighborhoods, and will deliver unmatched services while the design from Booth Hansen will complement the Gold Coast and lakefront.
The project will be a mix of two- and three-bedroom units, along with seven two-story "maisonette" rowhomes with direct street-level access and private terraces. The two-bedroom units will average 1,740 SF, and the three-bedroom units will average 2,400 SF. Rents range from $6K/month to $10K/month. The building will be topped with a green roof and an enclosed amenity space.
Draper and Kramer was issued a construction permit from the Chicago Department of Buildings, with work covered under the permit valued at $23M.
The construction pipeline is a contributing factor to flat rent growth and lower lease retention rates in newer Class-A multifamily buildings.
