Five years ago today we linked to a Crain’s Chicago Real Estate Daily Report that Draper & Kramer planned to demolish the 1,870-unit Lake Meadows apartment complex and replace it with more than 7,800 residential units and half a million square feet of retail space. “The existing buildings have reached a point of physical and functional obsolescence,” said Draper & Kramer’s CEO Forrest Bailey, whose grandfather built the complex in the 1950s.
The market changed, and Lake Meadows still lives. Available studios in the high-rise buildings start at $817 a month, one-bedrooms at $877, two-bedrooms at $1,164, and three-bedrooms at $1,577. Mid-rise one-bedrooms are priced from $847 and two-bedrooms from $1,126. A “Current Web Special” offers 1 ½ months free rent on a 14-month lease on select units.
NOTE: The free rent offer is not valid if you’re using a rental service.