- Belmont Tower is a 24 story, 277 unit residential tower with 152 (55%) units of senior project-based Section 8. It is a 200,000 square foot property located in the Lakeview / Lincoln Park neighborhood of Chicago. The balance of the units are unrestricted.
- The property is accompanied by 170 income generating parking spaces.
- Lakeview is the second most populated neighborhood in Chicago and is an established residential community known for its abundant nightlife, dining, and retail.
- Lakeview is home to a well-educated, affluent resident base with a median income double that of the greater Chicago MSA (80k per household vs 40k).
- Lakeview is near Wrigley Field, the home of the Chicago Cubs
- The site offers easy access to Lake Michigan’s Lakefront Trail and Belmont Harbor
- Belmont Towers is well serviced by the Red, Brown, and Purple CTA elevated train lines and multiple bus lines.
- Belmont Tower has long been a significant building in the affordable housing picture in Chicago. Built in about 1970, Belmont Tower was initially insured under the HUD/FHA Section 211(d) 3 below market interest rate program.
- Amenities include on-site fitness center, community room plus business center, bike room, 24 hour doorman, on-site laundry, and covered parking.
- Since acquisition major renovations have been completed including select unit improvements, redesign of lobby and amenity space, and façade repairs and painting.
- This project is a JV partnership between Jonathan Rose Companies and Prairie Management and Development, managed by Prairie’s affiliate management company.
Acquisition and preservation of a 24 story, 277 unit residential tower with 152 (55%) units of senior project-based Section 8 located in Chicago, IL.
Total Project Size / Budget