Location:  5200 N. Sheridan, Chicago, IL

Client:  Spirit Management Services

Size and Use:  Eight-story 223-unit apartment building with ground floor retail

Background:  Spirit acquired the building in November 2015 for $21.5M and hired CRA and Tricap Residential Group to serve as the local owner’s representative to oversee the renovation. The 90%+ occupied building will be upgraded to a Class A rental building. CRA was hired in July of 2015 to assist with the redevelopment of the property.

Scope:  CRA manages the project team including the architect, interior designer, engineers, attorneys and general contractor to implement the following scope:

• Extensive masonry repairs
• Upgrade the apartment finishes in the kitchens, bathrooms and living areas
• Build new amenities (lobby, tenant lounge, fitness center, leasing office, mail and laundry rooms, roof top deck)
• Install an air conditioning system
• Replace the freight elevator
• Replace the boiler
• Replace all windows
• Add a parking garage
• Build out retail areas
• Process lender draws