Eight New Rental Row Homes Planned for the Gold Coast

Posted by Leo Clark. on Tuesday, October 28th, 2014 at 9:55am.

Two months after ground first broke for the 24-story, 35-unit glass tower at 4 E. Elm, more development looks to be on the way in Chicago's Gold Coast neighborhood. As first reported in Crain's Chicago Business yesterday, billionaire investor Col. Jennifer Pritzker is planning an 8 row-home development on a vacant lot at Clark and Chestnut—a project that will be inspired by some of the most historic 19th century houses just down the street at 116-120 W. Chestnut.  

“Not everybody wants a doorman, believe it or not,” said Gold Coast Realty Chicago owner Leo Clark. “A lot of these people are moving from the suburbs to the city and space is hard to come by down here.”

The new Gold Coast project will be the first new construction downtown residential development for Pritzker, with most of her prior projects involving vintage restorations. Another interesting twist about the new row homes is that each will be listed for rent, as opposed to being owner-occupied. The apartment market all throughout downtown Chicago right now is as hot as its ever been, but the vast majority of new rentals have been high-rise developments such as 111 W. Wacker, 500 N. Lake Shore, and 73 E. Lake—just to name a few.  

But as noted by Gold Coast Realty President Leo Clark in the Crain's piece, not every luxury home buyer or renter wants a doorman or many of the amenities that put a premium on upscale high-rises around Chicago. Many searching the luxury market for a new home are coming from the suburbs, and space is much harder to come by here in the city.  
As of now, construction for the new Gold Coast row homes should begin as early as next spring, with each unit expected to offer around 3,000 square feet of living space.

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