The new owner of a heavily discounted site on Lake Shore Drive is planning to build new apartments on the property. JAB Real Estate recently purchased the site at 3726 N Lake Shore for just over $4 million.
That’s a steep discount from the $8.75 million the previous owner paid for the exact same site in 2016. It’s expected that work on the new 36-unit apartment building could begin sometime later this spring.
Current renderings show a red brick building with street-facing balconies. The building is reportedly being built to blend in with some of the neighborhood’s more historic architecture.
Future renters can also expect to find some ground-level parking. The new apartment building replaces an existing three-flat on the site.
Previously aiming for 42 units, the developer scaled back to 36 apartments based on feedback from surrounding neighbors. Called the Erikson, the name is a nod to the property’s past. In the mid 1900s part of the nearby road was called Leif Erikson Drive.