The GREA Q4 2024 Chicago Northside Multifamily Rental Development Report provides an overview of market-rate rental developments (25+ units) across Chicago’s Northside. Key findings include:
Land Sales:
- Multiple transactions occurred across Northside neighborhoods, with prices per Floor Area Ratio (FAR) ranging from $17 to $91.
- Significant sales include 1523 N. Fremont St. ($91/FAR) and 220 S. Ashland Ave. ($85/FAR).
Multifamily Deliveries (2024):
- Total Units Delivered: 2,256 across 20 developments.
- Notable completions:
- River North: 868 N. Wells St. (411 units), 920 N. Wells St. (238 units).
- Uptown: 4600 N. Marine Dr. (303 units).
- Portage Park: 4730 W. Irving Park Rd. (207 units).
Under Construction (2025-2026):
- Total Units: 2,757 across 26 developments.
- Major projects include 901 N. Halsted St. (Goose Island, 460 units) and 3636 N. Lake Shore Dr. (Lakeview, 333 units).
Planned & Proposed Developments:
- Planned (2025-2026): 26 projects totaling 2,757 units.
- Proposed: Large-scale projects such as 2033 N. Kingsbury St. (359 units) and 1333 N. Kingsbury St. (272 units).
Market Outlook:
- Strong development pipeline, with continued growth in high-demand neighborhoods like River North, Lakeview, and Lincoln Park.
- GREA’s expertise spans acquisitions, dispositions, valuation, and investment strategy, having facilitated $14B+ in sales volume since 2021.