New Continuum Tower Proposed Near Lake

## New Lincoln Park High-Rise to Add 303 Units Amidst Stabilizing Rents The proposed 24-story, 303-unit apartment tower at 2800 N. Sheridan Road is a joint venture between Continuum Development and Chicago Development Partners. Designed by Antunovich Associates, the 281-foot building will replace a vacant medical office at the corner of Sheridan and Diversey Parkway, introducing a mix of studio, convertible, one, two, and three-bedroom apartments to the Lincoln Park-Lakeview border. The project is slated to include a rooftop deck with a pool, 8,600 square feet of tenant amenities, and over 10,500 square feet of ground-floor retail space. This new supply arrives as the downtown rental market shows signs of stabilization. After years of rapid increases, Chicago's rent growth is projected to level out at approximately 2-3% in 2026, aligning more closely with inflation. As of early 2026, Gold Coast average rents stand at $1,901 for a studio, $2,477 for a one-bedroom, and $4,216 for a two-bedroom, reflecting a 5.08% year-over-year increase. This moderation suggests a shift from a landlord's market to a more balanced environment where concessions may become a key competitive differentiator. The Continuum tower will feature a significant amenity package, including 150 parking spaces and 414 bike spaces. The unit mix will include 54 studios, 36 convertibles, 154 one-bedrooms, 47 two-bedrooms, and 12 three-bedroom layouts. Notably, 60 of the units will be designated as affordable housing, a detail that will be watched closely by competitors as it could impact the pricing and positioning of the market-rate units. Competition in the high-end market remains fierce, with established luxury towers offering extensive amenities. The Waldorf Astoria Residences provide residents with access to a 14,000-square-foot spa, indoor pool, and 24-hour concierge and room service. Similarly, Park Tower, located above the Park Hyatt, offers its residents access to the hotel's five-star services, including a fitness center, indoor pool, and the acclaimed NoMI restaurant. Millie on Michigan boasts a 46th-floor rooftop pool deck, multiple terraces with grilling stations, and a state-of-the-art fitness center with on-demand classes. The Deco, a renovated Art Deco building, offers a rooftop patio with lake views and a 24-hour fitness center. The development pipeline in the immediate Gold Coast area includes another significant project that will further intensify competition. Convexity Properties is moving forward with a 28-story, 307-unit apartment tower at 7 West Elm Street, replacing a former Barnes & Noble. This project, with an expected construction start in June 2026 and completion by March 2028, will feature a mix of units and amenities including terraces, a fitness center, spa, and an outdoor pool deck. The addition of over 600 new rental units between these two developments just outside and within the Gold Coast will be a critical factor for leasing strategies in the coming years.