The residential complex known as Elm 551 is nearing exterior completion at 551 W Elm Street in Near North Side. Developed by Holsten Real Estate, the project comprises of a seven-story residential building, as well as a pair of three-story townhome buildings. The mixed-income development will house 102 units and is part of a larger redevelopment scheme known as Parkside of Old Town.
The seven-story mid-rise portion will house 69 dwellings, and feature a laundry facility, a fitness center, office space, and common areas. The walk-in townhomes will house the remaining 33 units and be equipped with in-unit laundry. Both residence types will come with energy efficient stainless steel appliances and access to covered parking.
Landon Bone Baker Architects is behind the designs of all three buildings. The mid-rise will consist of an angular massing, as well as a contemporary gray-scale facade with colorful accents throughout the entrance and its corner balconies. The townhomes appear to have a similar aesthetic, except with gabled roofs masonry exterior walls.
Nearest bus transit includes a two-minute walk north to Division & Larrabee, with stops for Route 70. The Route 8 bus can also be found via a seven-minute walk northwest to Halsted & Division. The CTA L is accessible via a 16-minute walk northeast to Sedgwick station, and a 16-minute walk southeast to Chicago station, both of which are serviced by the Brown and Purple Lines. The Blue Line is also available in the area, located a 20-minute walk southwest to Grand station.
Nearest parks include Seward Park to the east and Stanton Park to the northwest.
Elm 551’s Facebook page has indicated that pre-leasing is underway for market rate studios, one-, two-, and three-bedroom units. Linn-Mathes is the general contractor for the construction, with a full completion is expected for March 2021.