Chicago, Illinois
Residential Redevelopment Opportunity
1007–1011 N Orleans
Illustrative residential development concept. Height, footprint, residences, amenities and surrounding views are conceptual and subject to feasibility review and approvals.
Property Facts
- Supplied survey shows 21,801 SF across Lots 14–22; exact offering boundary and complete parcel/title reconciliation remain pending.
- Concept target: 200 residences — not approved development capacity.
- Illustrative mix: 95 two-bedroom residences, 95 three-bedroom residences and 10 terrace penthouses.
- Proposed amenities include a secured lobby, doorman, management office, mailroom, pool, gym and sauna.
- Final height, density, design and development approvals remain subject to review.
Property Overview
A residential redevelopment vision exploring contemporary homes and shared amenities near Old Town and River North. The concept emphasizes a distinctive arrival experience, thoughtfully designed residences and elevated amenity spaces. Final capacity and development economics require architectural, zoning and feasibility review.
Preliminary Development Economics
Modeled Total Development Cost
$176.07M
Projected Stabilized Value (with affordability sensitivity, 5.5% cap rate)
$139.66M
Alternative All-Market-Rate Stabilized Value (5.5% cap rate, if legally achievable)
$154.34M
Proposed Monthly Market-Rate Rent Assumptions
| Residence Type | Monthly Rent |
|---|---|
| Two-bedroom residence | $5,000 |
| Three-bedroom residence | $6,800 |
| Terrace penthouse | $12,000 |
The $139.66M scenario models 20% of residences at 50% of market rent as a sensitivity, not an approved affordability plan.
The modeled development cost exceeds projected stabilized value. The current concept requires redesign, cost reduction or a different development strategy. Values and rents are preliminary underwriting assumptions, not appraisals, commitments or promised returns.
Property information reflects supplied materials and is subject to verification and change. Projected values depend on stated development, leasing, expense and capitalization assumptions. Renderings do not establish approved development rights.
Location
1007–1011 N Orleans is located on the Near North Side of Chicago, within reach of Old Town to the north and River North to the south. The area offers access to the broader downtown street grid, public transit and the lakefront. The surrounding neighborhood includes a mix of residential, retail and hospitality uses.
Let's Explore the Opportunity.
Contact Talia Ramos for available property materials, questions or a conversation about next steps.
Talia Ramos
Real Estate Broker + Investor
RE/MAX Properties Northwest
Illinois Broker License: 475.210136