Real Estate

Georgetown Co. Seeks Approval for 37-Story Tower on Clybourn Ave

Georgetown's 37-story, 396-unit tower on Clybourn Ave awaits Plan Commission approval on July 18.

By Tal Alexander

7/10, 11:09 EDT
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Key Takeaway

  • Georgetown Co. seeks approval for a 37-story, 396-unit apartment tower at 1565 North Clybourn Ave, replacing a former Bank of America branch.
  • Alderman Brian Hopkins has not yet commented on the proposal, which requires Plan Commission and City Council approvals.
  • CRM Properties also proposed a nearby taller residential tower with 500 apartments, indicating increased development interest in the Clybourn corridor.

Georgetown's Ambitious North Side Redevelopment

A significant development proposal by the New York-based Georgetown Company is currently navigating the approval process in Chicago. The company aims to transform a former Bank of America branch at 1565 North Clybourn Avenue into a 37-story apartment tower, featuring 396 residential units. This project, which is set to be one of the few high-rise buildings in the Clybourn corridor, is awaiting approval from the city's Plan Commission on July 18. The redevelopment plan also includes preserving a two-story retail building and a four-story parking garage, adding a mix of modern residential and commercial spaces to the area.

The Details of the Proposal

Georgetown's redevelopment plan involves demolishing the existing bank branch to make way for the new tower. The project, which has not yet disclosed its total costs, represents a significant investment in the North Side, where the company previously paid $64 million for the property in 2015. The proposal's approval is contingent on the city planners' consent, followed by a final nod from the Chicago City Council. Alderman Brian Hopkins, who represents the 2nd Ward where the project is located, has yet to publicly support or oppose the plan, a critical factor given the tradition of "aldermanic privilege" in Chicago's political landscape.

Competing Developments and Market Dynamics

The Georgetown project is not the only significant development in the Clybourn corridor. CRM Properties has proposed an even taller residential tower with 500 apartments just a few blocks away. This competing project aims to redevelop an existing retail property that has seen the departure of notable tenants like the Goose Island Beer brewpub. These developments signal a potential transformation of the North Side skyline, bringing high-density residential options closer to the single-family homes of Lincoln Park and Old Town. The competition between these projects highlights the growing demand for residential space in this part of Chicago.

Broader Implications for Chicago's Real Estate Market

The proposed redevelopment by Georgetown and the competing project by CRM Properties reflect broader trends in urban development and real estate investment. As cities like Chicago continue to grow, the demand for high-density residential buildings in strategically located areas increases. These projects not only aim to meet the housing needs of a growing population but also to revitalize underutilized commercial spaces. The success of these developments could set a precedent for future projects, influencing urban planning and development strategies across the city.