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Rents at new Gold Coast apartments start at $7,200 per month

Lake Michigan views take center stage at 61 E. Banks.

The eight-story development fills the neighborhood’s last undeveloped lakefront parcel

After breaking ground in late 2017, the luxury apartment development at 61 E. Banks Street is searching for renters to fill its 58 units which start at $7,200 per month. The eight-story project, from developer Draper and Kramer, is the Gold Coast’s first new residential building along Lake Shore Drive in three decades, replacing a longtime parking lot.

Designed by Chicago architecture firm Booth Hansen, 61 Banks Street features a stone exterior and modern interpretation of the classic Chicago style bay window. The glassy corners—along with a rooftop resident amenity deck—take full advantage of the site’s Lake Michigan views.

At ground level, the building includes seven two-story “maisonettes” with direct access to and from the street. These rowhome-style units are available in two- and three-bedroom layouts and start at $8,100 per month.

While neighboring buildings are primarily luxury condominiums and co-ops, 61 E. Banks is the first contemporary rental project in the immediate area. The shift towards apartments has been the driving factor in downtown Chicago’s multi-year building boom—especially at the higher end of the market.

“You no longer have to own to enjoy the craftsmanship that’s long been associated with a Gold Coast address,” said Draper and Kramer president Todd Bancroft in a statement.

As of this week, roughly 25 percent of the development’s 58 units are already leased, according to the @properties leasing team. Resident move-ins are expected to take place in May.

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