Construction is wrapping up for a mixed-income residential project known as Elm 551 at Parkside, located at 551 W Elm Street in Near North Side. Holsten Real Estate Development Corporation is behind the project, whose plans include a seven-story mid-rise and a pair of low-rise walk-up buildings. The site was previously occupied by a vacant grass lot that once formed part of the now demolished Cabrini Green homes. The undertaking is the latest phase of a larger development scheme known as Parkside of Old Town.
The 102 residences will be split so that 69 apartments occupy the mid-rise, while the remaining 33 will reside in the three-story “flats.” Unit sizes will range from studios to three-bedrooms. Online listings from Apartment Home Living show layout sizes falling between 550 square feet and 1247 square feet. The mid-rise will also feature a laundry facility, a fitness center, office space, and common areas. The flats will come with in-unit laundry. Multiple online sources indicate that parking will comprise of 200 total spaces.
Landon Bone Baker is behind the design for all three structures. The taller building will be mainly rectangular in its massing, with an angled roofline that forms a subtle “V.” The massing will be wrapped in light gray pre-cast concrete panels, with green, yellow, and orange accents interspersed. The walk-up buildings will be similar in design, though will incorporate a darker gray color scheme and a more textured set of concrete paneling.
Residents will find bus transit for Route 70 available a two-minute walk north to Division & Larrabee. Route 8 is also in the area, with stops via a seven-minute walk northwest to Halsted & Division. Lastly, bus stops for Route 37 lie within an eight-minute walk east along N Orleans Street. For the CTA L rail, Red Line trains can be found at the Clark/Division station via a 13-minute walk east. Meanwhile, those looking to board the Brown or Purple Lines will have access to either Sedgwick station via a 16-minute walk northeast or Chicago station via a 16-minute walk southeast. Lastly, the Blue Line’s Chicago station resides a 21-minute walk southwest.
Various park spaces are also located nearby, including Seward Park to the east and Stanton Park to the northwest.
Pre-leasing for the market-rate residences is currently underway. Linn-Mathes is the general contractor, with a completion expected for later this year.