Developer proposes scaled back development at 2600 N. Clark

Chicago-based Initium Development has submitted plans for a scaled back development proposal at 2600 N. Clark. Approved by City Council back in October 2024, the project is located at the intersection of W. Wrightwood Ave and N. Clark St. A set of vacant one-story commercial buildings currently occupy the property.

Rising 75 feet tall, the scaled-back five-story building is two floors shorter than the approved design and will hold 48 residential units instead of 66. 10 of the units will be set aside as affordable at an average of 60% AMI to meet the 20% ARO requirements. 

On the ground floor, approximately 3,500 square feet of commercial space will front N. Clark St and W. Wrightwood Ave with the residential lobby behind it fronting W. Wrightwood Ave. Residents will have access to a bike room with 48 bike spaces and a ground floor parking garage with 10 parking spaces accessed from W. Wrightwood Ave and the alley on the north side of the property.

According to a report from Crains, the developer has come back with this smaller project due to rising construction costs. The slightly smaller proposal will lower construction costs and make securing financing easier. A new Type 1 zoning amendment will be required for the project, which will need new approvals from the local alderman, Committee on Zoning, and City Council. If approved, the developer is targeting Q1 2027 for completion of the project.