With the opening of 327 market-rate units at Foundry in November, Chicago-based Structured Development completed the final phase of its Wendelin Park development in Chicago’s Lincoln Park neighborhood.
Wendelin Park, which encompasses three residential buildings — one co-living, one condo and one traditional apartment property — arranged around a public green space, is located on the long-vacant site of the Seng Furniture Co. It is one of several larger projects developed along the North Branch of the Chicago River following a 2017 zoning change that expanded the land use possibilities of the formerly industrial area.
Wendelin Park is located close to the 53-acre, $6 billion Lincoln Yards project, under development with Chicago-based Sterling Bay Properties.
Market rate
The 27-story Foundry tower has a mix of studio, one-bedroom and two-bedroom units, each with stainless steel appliances, kitchen islands, in-unit laundry, reserved parking and a private terrace or balcony. Amenities include a lounge, media and party room, a full-service lobby coffee bar, a coworking and library area, a fitness center, a sports simulator and cold storage for perishable packages. Rents for available units range from $2,403 to $5,145, according to the property website.
For-sale
The Seng condominium opened for its first move-ins in October, at which time 50% of its 34 units were closed or under contract. Homes range from two to four bedrooms, priced from $285,134 to $374,696 depending on size, and feature in-unit laundry, stainless steel appliances and a deeded parking space in the on-site garage. Amenities include a rooftop terrace, bike storage and a fitness center, and the lobby showcases original artifacts found in a 1902 time capsule unearthed on the development site.
The Seng’s units are sold through the Chicago Housing Trust, a city program focused on housing access. In order to qualify, buyers must earn no more than 120% of the area median income, gain preapproval on a traditional, FHA or VA loan and complete a homeownership program.
Prices at The Seng are a significant discount from the average sales price in Lincoln Park, which is over $600,000, according to Mike Drew, co-founding principal of Structured Development.
“Having over half of The Seng units under contract illustrates the demand for entry-level homeownership in gentrified neighborhoods like Lincoln Park,” Drew said in the release. “We are proud to be a part of buyers’ homeownership journey, particularly at a time when working Chicagoans are faced with rising expenses and a shrinking supply of attainable for-sale housing options.”
Co-living
Post Chicago opened in May, with 431 beds across 126 furnished units. Originally conceived as a location for New York City-based co-living operator Common, according to Chicago YIMBY, the property is now run by Los Angeles-based operator Tripalink. The unit mix includes three- and four-bedroom apartments rented by the bed, with a limited number of studio and two-bedroom spaces available as whole-unit rentals. Rents start in the low $1,000s for beds and $3,000s for units.
The Wendelin Park green space includes a kids’ play area, community garden and dog park, as well as a 20-foot sculpture by local artist Ruth Aizuss Migdal. It is located within walking distance of the Clybourn Corridor and Newcity shopping center, as well as the North/Clybourn Red Line transit station, which provides a 15-minute commute to downtown Chicago.
“The area, which had previously been withheld for manufacturing, is located in an amenity-rich neighborhood that has retail, transportation, schools, medical offices and entertainment,” Drew told Multifamily Dive. “So it's perfect for mixed-use, dense residential and that is what we've provided.”
