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Chicago, IL

Redeveloping a Chicago property into a three-unit rental using ADU ordinance.

• Project Scope: Redeveloping a two-flat property into a three-unit rental.
• ADU Ordinance: Utilizes Chicago’s ADU ordinance to add density and value.
• Energy Efficiency: Focus on energy performance and tenant well-being.
• Location Advantage: Situated in Logan Square, a vibrant and accessible neighborhood.
• Investment Strategy: Plan to refinance and return investor capital post-stabilization.

Richmond Revival is undertaking a project to acquire and redevelop a two-flat property at 1637 N Richmond in Chicago into a fully renovated, three-unit rental property. The renovation will transform the existing structure into three distinct, market-rate units: a first-floor flat, a spacious duplex-up occupying the second floor and attic, and a new Accessory Dwelling Unit (ADU) in the basement. The project aims to enhance energy performance and tenant well-being through thoughtful design choices such as under-slab foam and efficient HVAC systems.

The project leverages Chicago’s ADU ordinance to increase the property’s density and income potential, aiming to create a turnkey, cash-flowing asset that meets the high demand for quality rental housing in the Logan Square neighborhood. Upon stabilization, the plan is to refinance the property, returning initial investor capital and dividends while retaining the asset for long-term rental purposes. The development is positioned to benefit from Logan Square’s vibrant cultural scene and strong housing fundamentals, making it attractive to both owner-occupants and investors seeking robust, long-term value appreciation.

Company Info

Richmond Revival is redeveloping a Chicago property into a three-unit rental, leveraging ADU ordinances to enhance density and affordability.

Richmond Revival is focused on redeveloping a two-flat property at 1637 N Richmond in Chicago into a three-unit rental property. The project involves remodeling the existing structure to create three distinct, market-rate units: a first-floor flat, a spacious duplex-up occupying the second floor and attic, and a new Accessory Dwelling Unit (ADU) in the basement. The development aims to enhance energy performance and tenant wellbeing through thoughtful design choices such as under-slab foam and modern HVAC systems.

By leveraging Chicago’s ADU ordinance, Richmond Revival seeks to increase the property’s density and affordability, contributing to the area’s housing supply. The project is strategically located in Logan Square, a vibrant neighborhood known for its cultural scene and accessibility. The development is designed to meet the high demand for quality rental housing, with plans to refinance the property upon stabilization, offering a turnkey, cash-flowing asset for long-term rental portfolios.