OLD TOWN — A seven-story luxury apartment building with ground-floor retail is coming to Wells Street.
The developer behind the project, Sedgwick Properties, recently started construction at the site, 1325 N. Wells St., the former home of contractor Tiffiny Decorating Co., with a goal of finishing the project by spring 2017.
Once complete, the building will offer 60 units: a mix of one-, two- and three-bedroom luxury apartments outfitted with modern kitchens, in-unit washer and dryers and private balconies. Some units will include large private terraces.
The apartments will range from 601 to 1,400 square feet in size. A spokeswoman for Sedgwick Properties was unable to provide the average cost of rent.
Tenants will be able to enjoy a rooftop plaza with a wading pool, shared terrace, outdoor kitchen, fire pit and seating area. Inside the building, there will be a fitness center, community room with a demonstration kitchen, Pressbox valet dry cleaning service, bicycle storage and heated parking.
There will be 1,800 square feet of retail space at the base of the building.
Sedgwick Properties reportedly bought the property for $4.5 million in 2014.
“With top-of-the-line unit finishes and a host of amenities, 1325 N. Wells St. will bring a unique opportunity for luxury multifamily living to one of Chicago’s most venerable neighborhoods,” said Marty Paris, president of Sedgwick Properties, in a prepared statement.
“With such a robust amenity offering for a building of this size, 1325 combines luxury, comfort and convenience in a boutique-style setting like no other building in Old Town currently does.”
Sedgwick Properties appears interested in the future growth of the neighborhood. The Chicago-based developer owns another Old Town property — a parking lot at 301-313 W. North Ave. — but hasn't yet disclosed plans for the site.
Other projects include residential buildings at 1545 W. North Ave. and 1611 N. Hermitage Ave.
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