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Construction is underway on a 138-unit micro-apartment development in Logan Square that has been in the planning stages for over two years. Savoy Development originally received approval from the city to build 52 luxury apartments at 2340 North California, but switched to micro-units as Logan Square became a hotbed of interest from other developers.
Savoy is co-developing the six-story building with Hunt Investment Management. Principal Real Estate Advisors is the other partner in the venture. The building will also include 9K SF of ground-floor retail, a 2,500 SF park open to the public, a rooftop terrace, 44 parking spaces and storage for 138 bicycles. The building will qualify for TOD status due to its proximity to the California Avenue Blue Line 'L' station, and the development team is seeking to attain LEED Silver certification. Twenty units will be set aside for affordable housing.
Savoy Development founding principal Enrico Plati said the apartments will be built with the value-oriented renter in mind, while still delivering the condo-quality finishes that are common in newer rentals. Hunt Investment Management CEO Guy Arnold said the project fits with his firm's mission of developing high-quality urban projects that meet market demand for proximity to mass transit and lifestyle amenities. Hunt was awarded the redevelopment of a 6.9-acre site at Cabrini-Green in February, and acquired Heritage Shops at Millennium Park in a $47M deal in May 2016.
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