By Dana Dubriwny
In the recent history of Chicago, buyers have had few opportunities to purchase new homes along Lake Michigan. Rarer still are new residences in the city’s celebrated South Side neighborhoods like North Kenwood-Oakland and Hyde Park, where history is woven into the very fabric of the neighborhood.
The relative dearth of new-construction homes has drawn buyers to Draper and Kramer’s Lake Park Crescent, under development on a piece of lakefront land bounded by Lake Park and Oakenwald avenues and 40th and 42nd streets.
To date, the developer has completed 13 rental buildings, which are 100 percent occupied – with a waiting list of prospective occupants. Another 68 for-sale homes are ready for occupancy this month, and about 50 percent of them have been sold, says Mike Kennelly, managing broker with Draper and Kramer.
The residences are part of a whole new neighborhood emerging on the south lakefront. The first phase of the ambitious development includes 55 market-rate condos and 13 affordable units.
According to Draper and Kramer, the new community offers the same opportunity as previous “emerging neighborhoods” like Wicker Park or Logan Square. What makes Lake Park Crescent different, however, is its proximity to Lake Michigan and the historic nature of the surrounding area.
North Kenwood-Oakland occupies a spot along the south lakefront just north of Hyde Park. It’s a prominent neighborhood with a little bit of everything, from graystone mansions to contemporary high-rise towers. Lake Park Crescent will build on that sense of community with several different new-construction options.
In March, the price for a one-bedroom, one-bath home started in the $180s, a three-bedroom duplex started in the $400s and a four-bedroom, 3.5-bath townhouse started in the $700s. Incentive packages are being offered to residents, including as much as $20,000 credit at closing on select residences.
Shirley Newsome, of the North Kenwood / Oakland Conservation Community Council, says the emerging neighborhood will resemble the halcyon days of city living, “where your teacher, your doctor and your lawyer – everyone – lived in the same community area.”
“Just the idea of bringing back that sense of community is a plus,” she says.
A new one-bedroom model opened recently, and the development will be part of the Southside Builders Association Premiere of Homes event on April 4 – 6. Lake Park Crescent’s sales center (4117 S Lake Park Ave) is open Monday, Tuesday and Wednesday from 10 a.m. to 5 p.m.; Saturday from 11 a.m. to 5 p.m.; and Sunday from noon to 5 p.m.