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$2,750 For A 1-Bedroom? Living At Luxurious Belmont-Clark Will Cost You

By Ariel Cheung | October 21, 2016 8:10am
 The mixed-use development at 3200 N. Clark St. has launched a website with rental prices, as the building, seen here Oct. 19, nears completion.
The mixed-use development at 3200 N. Clark St. has launched a website with rental prices, as the building, seen here Oct. 19, nears completion.
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DNAinfo/Ariel Cheung

LAKEVIEW — You might yearn for the CTA convenience and central location of 3200 N. Clark St., but you'll be shelling out some major dough if you want to live there next year.

Branded as Lakeview 3200, the mixed-use project offers the intersection of "beach days and nightlife," "true comfort and convenience" and "city style and Lakeview living," according to its newly launched website. 

The site also lists apartments available for rent — and they're anything but cheap.

Available apartments range from a 431-square-foot studio to a 1,452-square-foot two-bedroom apartment with two bathrooms.

Rent starts at $1,525 for a 436-square-foot studio, or $3.50 per square foot, according to the Lakeview 3200 website. Topping the list is a two-bedroom apartment with two bathrooms that costs $3,800 per month, or $2.62 per square foot.

But the building does have great benefits, with a Target downstairs and a two-minute walk to the Belmont Red Line station.

On average, the building's 57 one-bedroom apartments will run around $2,300 per month. From a 560-square-foot unit to some as large as 900 square feet, the one-bedroom units average 711 square feet.

Almost all the two-bedroom apartments also have two bathrooms and average $3,149 per month. Those 27 units average about 1,119 square feet, although some are as small as 847 square feet.

The larger units cost between $2.58 and $3.25 per square foot. All 90 apartments in the $50 million, eight-story development are listed as available in early 2017.

At the start of 2016, rent in Lakeview averaged $1,300 for one-bedroom apartments and $1,790 for two-bedrooms, according to a January report from Zumper. The prices were significantly below the Chicago average of $1,970 for a one-bedroom and $2,630 for a two-bedroom.

RELATED: How Much Is Rent In Chicago? A Neighborhood Look

But prices citywide have dropped over the past year, with one-bedroom apartments averaging $1,750 in Chicago this fall, Zumper reported. Meanwhile, Lakeview, jumped to $1,395 — a 7 percent increase.

Currently, the cost of living at 3200 N. Clark St. would rival rent in West Loop or River North, which averaged $2,100 per month for one-bedroom apartments this fall, according to a September report from Zumper.

April 2015 renderings for 3200 N. Clark St. [Provided/Howard Hirsch Associates]

It would even top some units in Gold Coast, where one-bedrooms are renting for an average $1,800 per month.

Prices could continue to shift before 3200 N. Clark St. opens in early 2017.

Still, the prices aren't unheard of in the neighborhood. Halsted Flats, which touts an "upscale environment" that became the "new standard for luxury in Lakeview," opened in 2013 at 3740 N. Halsted St. in Boystown.

It currently offers studio apartments for around $1,770 per month and one-bedrooms for between $2,150-$2,372. Some two-bedroom, two-bathroom apartments reach $3,693 — falling in the same range as 3200 N. Clark St.

Halsted Flats lists nine of its 269 apartments as available, putting it at 97 percent occupancy. Its amenities include a heated pool and hot tub, private dog park, fitness center, sun deck and ground floor retail.

When the Belmont-Clark project broke ground in August 2015, Ald. Tom Tunney (44th) said he hoped it would be a "catalyst" for economic growth and increased safety near the crime-ridden Belmont station.

He also named it as the first major transit-oriented development in Lakeview to take advantage of the 2013 ordinance allowing for less parking spots for properties near public transportation.

The complex will include a 40-car parking garage on its first two floors, 29,000 square feet of retail and an 8,000-square foot office space, all anchored by the ground-level Target.

The project is expected to be complete in March.

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