Greystar, the same developers who brought you the Elan Apartments on the Greenway, wants to charge $4,500 for apartments in a building proposed for 2626 W. Lake St., adjacent to the Calhoun Beach Club. No, not $4,500 per year -- $4,500 per month. And some units would be even more expensive, as $4,500 would be the average price tag in the eight-story building.
Bob Corrick, chair of the Cedar-Isles-Dean Neighborhood Association's Land Use Committee, says that in his 15 years serving as a neighborhood official, he's never seen higher proposed rents.
"Often you're seeing a lot of the projects coming in at about $2,000 a month, or maybe slightly less," Corrick says. "We look at the design and its effect on the neighborhood, the impact on quality of life, and one might argue that the rents they charge are relevant, but it gets into the economic realm and it would be really hard for us to tell these people how to run their business."
According to the Southwest Journal, David Graham, principal of Elness Swenson Graham, the architectural firm working on the project, characterized the units in the proposed building as "rental condominiums."
"These are much larger than anything available on the market," Graham says.
The Journal reports that the average unit would be 1,600 square feet, with some as large as 3,000 square feet.
In any event, the proposal still has a long way to go before it can become reality. The CIDNA Land Use Committee will hold a hearing about the project on April 7, and Greystar hasn't yet started working through the city approval process.