CRG to Break Ground on Multifamily Building in Historic Uptown Neighborhood
CHICAGO, IL – CRG, Clayco’s real estate development group, is breaking ground to develop a multifamily apartment building in Chicago’s historic Uptown neighborhood at the intersection of Sheridan Road and Wilson Avenue. The development is located two blocks from the Red Line Wilson Stop at 4555 North Sheridan Road and a ground-breaking ceremony will take place today at 11:00 a.m. CST. Construction will proceed throughout the next year, with delivery of the building and occupancy planned for July 2019.
“The long neglected Uptown neighborhood is emerging from its shell,” CRG Principal Jay Case said. “New developments, including apartments and an urban Target, historically significant entertainment venues and the proximity to the lakefront make Uptown an exciting place to live.”
Clayco will serve as the design-builder and its subsidiary, Lamar Johnson Collaborative is the architect on the project. Capital partners include POB Capital and Principal Real Estate Investors. This project will also extend CRG’s work with Chicago-based minority and women-owned firms and continue to build the pipeline of minorities and women in the trades, as CRG works with subcontracting partners to create and sustain jobs for those who live in the community.
When completed, this transit-oriented development will contain 149 apartments in a twelve-story glass tower with 5,000-square-feet of ground floor retail space and 29 parking spots. Residents will be able to enjoy cutting edge amenities such as a 2,000-square-foot rooftop deck with views of Downtown Chicago, a coffee bar, exercise facility, business center and dog salon.
“The Sheridan and Wilson development is an exciting addition to CRG’s multifamily footprint and portfolio,” CRG President Shawn Clark said. “CRG committed to expanding its multifamily platform in 2015. Since then, we have developed a meaningful portfolio in strategic markets across North America.”
CRG is currently developing AM 1980, a multifamily rental building in Chicago’s Bucktown neighborhood located at the intersection of Milwaukee and Armitage Avenues. Additionally, CRG recently completed student housing high-rise developments in St. Louis and Cleveland.
For more information about the development at Sheridan Road and Wilson Avenue, visit realcrg.com/project/Sheridan-Wilson/.
CRG is Clayco, Inc.’s private real estate development firm that acquires, develops, and operates real estate assets. Headquartered in St. Louis, Missouri with offices in Chicago, Sacramento, Atlanta, Pittsburgh and northern New Jersey, the CRG team has developed more than 5,000 acres of land and delivered over 160 million square feet of commercial, industrial, and multi-family assets exceeding $9 billion in value. For more information visit www.realcrg.com.
Clayco is a full-service, turnkey real estate development, master planning, architecture, engineering and construction firm that delivers the highest quality of solutions on time, on budget, and above and beyond expectations to clients throughout North America. With over $2 billion in revenue for 2017, Clayco specializes in the “art and science of building,” providing fast track, efficient solutions for commercial, institutional and residential related building projects. For more information visit www.claycorp.com.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $77.0 billion in commercial real estate assets*. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is a dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
*as of 31 March 2018